Absolute Priority Rule - Law Dictionary Search Results
Home Dictionary Name: absolute priority ruleabsolute priority rule
absolute priority rule : a rule that provides for the satisfaction in full of claims of senior creditors before any payments can be made to junior creditors under a chapter 11 bankruptcy plan ...
Absolute-priority rule
Absolute-priority rule, is a rule that a confirmable reorganization plan must provide for full payment to a class of dissenting unsecured creditor before a junior class of claimants will be allowed to receive or retain anything under the plan, Black Law Dictionary, 7th Edn., p. 7....
Absolute-bar rule
Absolute-bar rule, means the principle that, when a creditor sells collateral without giving reasonable notice to the debtor, the creditor may not obtain a deficiency judgment for any amount of the debt that is not satisfied by the sale, Black Law Dictionary, 7th Edn., p. 7....
Priority
Priority, an antiquity of tenure in comparison with another less ancient; also that which is before another in order of time.As to priority among creditors, see (English) Admin-istration of Estates Act, 1869, reproduced by ss. 32 to 34, (English) Administration of Estates Act, 1925, and the First Sch., which provides that in the administration of the estate of any person who shall die on or after 1st January, 1870, no debt or liability of such person shall be entitled to any priority or preference by reason merely that the same is secured by or arises under a bond, deed, or other instrument under seal, or is otherwise made or constituted a specialty debt.The priority in legal and equitable assignments of equitable choses in action are determined accord-ing to the date of receipt of notice by the persons who are for the time being owners of the legal interest in the property assigned. Before 1926 the notice might be verbal; after 1926 it must, for the purposes of establishing priority a...
Rules of Court
Rules of Court, orders regulating the practice of the Courts; or orders made between parties to an action or suit.(1) General rules regulating the practice of the Courts, both of Common Law and Equity, have from time to time been made by the Courts in pursuance of the powers of various Acts of Parliament. See as to the Common Law Courts, which promulgated consecutive Rules without any division into Orders, Day's Common Law Procedure Acts; and as to the Court of Chancery, which promulgated Orders subdivided into Rules, Morgan's Chancery Acts and Orders. The scheme of the Chancery Procedure Acts was that the Orders made thereunder should come into force as soon as made, subject to the power of Parliament to annul them afterwards (see, e.g., Chancery Procedure Act, 1858, s. 12), while that of the Common Law Procedure Acts, was that Rules made thereunder should not come into force until they had lain before Parliament for three months (see 13 & 14 Vict. c. 16, and Common Law Procedure Act,...
Decree nisi
Decree nisi. By the (English) Judicature Act,1925, s. 183(1) every decree for a divorce or for nullity of marriage shall, in the first instance, be a decree nisi not to be made absolute until after the expiration of six months from the pronouncing thereof, unless the Court by general or special order from time to time fixes a shorter time.(2) After the pronouncing of the decree nisi and before the decree is made absolute, any person may, in the prescribed manner, show cause why the decree should not be made absolute by reason of the decree having been obtained by collusion or by reason of material not having been brought before the Court, and in any such case the Court may make the decree absolute, reverse the decree nisi, require further inquiry or otherwise deal with the case as the Court thinks fit. Only in special circumstances will the period be shortened. See Osburne v. Osburne, (1926) 70 Sol Jo 388. See Browne on Divorce; Chitty's Statutes, tit. 'Matrimonial Causes.'...
Priority Notice
Priority Notice, of charge under (English) Land Charges Act, 1925. By the (English) Law of Property (Amendment) Act, 1926, s. 4, persons intending to register a charge, instrument or matter under the Land Charges Act, 1925, may give notice at the (English) Land Charges Department of the Land Registry at least two days before the registration, and the effect of the notice is to relate the date of registration of the charge, instrument or matter as provided by s. 4 if the application to register is presented within fourteen days after the date of entry of notice, and refers to the notice: thus protecting the person intending to register from incumbrances created subsequently to the notice and before application to register.A form of notice providing temporary protection for an application about to be made for first registra-tion of land at the Land Registry (see (English) Land Registration Rules, 1925); also a notice protecting the priority of an intended dealing in registered land; the ...
Absolute
Absolute, means free from restriction, qualification or condition e.g. absolute ownership; conclusive and not liable to revision e.g. absolute delivery, Black Law Dictionary, 7th Edn., p. 7.Absolute, complete, unconditional. A rule or order absolute is a completed judgment of a court, and is so called in contradistinction to a rule or order nisi which is made on the application of one party only without notice to the other (ex parte), to be made absolute unless the other party succeed in showing cause why it should not be made absolute (discharged); but see also DECREE NISI....
Rule of procedure
Rule of procedure, each House has the absolute right of interpreting its rules; courts have no power to interfere in the matter of the application of these relating to the internal management of the House, A Commentary on the Constitution of India, Durga Das Basu, 6th Edn., Vol. G, p. 122.Rule of procedure, rule making power of British Parliament is absolute, A Commentary on the Constitution of India, Durga Das Basu, 6th Edn., Vol. G, Art. 118(1)....
Rule absolute
Rule absolute, means a rule to show cause upon which on hearing, the court has made a peremptory order, that the party shall do as the rule requires, Ramanatha Aiyar's Law Lexicon, p. 1698, 2nd Edn., Reprint 2000...
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