Task: Instance Description Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes the instance 'primary lien position'?

A. classification indicating that several parties may share in, and mitigate the risk of, ownership of a high-value tangible asset
B. classification indicating the most common type of ownership, covering an indefinite ownership period and the freedom to transfer said ownership as desired
C. first position in the order of seniority in which the law recognizes lenders' claims against a property
D. secondary or lower position in the order of seniority in which the law recognizes lenders' claims against a property

Answer: first position in the order of seniority in which the law recognizes lenders' claims against a property