Searching online, I see the two definitions for liege (noun) given by Merriam-Webster
a: a vassal bound to feudal service and allegiance
b: a loyal subjecta feudal superior to whom allegiance and service are due
So, how are you supposed to identify which meaning being referred when you say "My liege"? Or is my understanding flawed in some way?
Best Answer
It is the second definition listed, therefore less used. I don't believe it is ambiguous in common usage. But as @JanusBahsJacquet says, context is king.
To be absolutely unambiguous, you can use "liege lord" and "liegeman" to refer up and down the allegiance train respectively.