### Question
How is the term senior security defined?


### Answer
The term **senior security** is defined in *15 U.S.C. § 77r* as the following:

> 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

#### Citation:
  - *15 U.S.C. § 77r*
  - Heading: **CHAPTER 2A-SECURITIES AND TRUST INDENTURES > SUBCHAPTER I-DOMESTIC SECURITIES**

