Senior Security [Commercial Law] Law and Legal Definition

According to 15 USCS § 77r, [Title 15. Commerce And Trade; Chapter 2A. Securities And Trust Indentures, Domestic Securities ], the term "senior security" means any bond, debenture, note, or similar obligation or instrument constituting a security and evidencing indebtedness, and any stock of a class having priority over any other class as to distribution of assets or payment of dividends.