Equitable Subordination - Law Dictionary Search Results
Home Dictionary Name: equitable subordinationequitable subordination
equitable subordination : the subordination of a creditor's claim in a bankruptcy proceeding imposed by the court when the creditor has an unfair advantage over other creditors because of improper conduct or an advantageous position (as of a corporate insider) ...
subordination
subordination : an act or instance of subordinating ;also : the remedy of subordinating a claim see also equitable subordination ...
subordinate
subordinate 1 : placed in or occupying a lower rank, class, or position 2 : submissive to or controlled by authority [sə-bȯrd-n-āt] vt -nat·ed -nat·ing : to assign lower priority to (as a debt or creditor) : postpone satisfaction of until after satisfaction of another [the equitable assignee will be subordinated to the rights of the assignor's trustee in bankruptcy "J. D. Calamari and J. M. Perillo"] ...
Subordinate
Subordinate, by the use of the word 'subordinate' without any qualifying words, the legislature has expressed its legislative intention of making punishable such subordinates also who have no connection with the function with which the business or transaction is concerned, R.G. Jacob v. Republic of India, AIR 1963 SC 550 (553): (1963) 3 SCR 800. (Indian Penal Code, 1860, s. 165)1. Placed in or belonging to a lower rank, class or position. 2. Subject to another's authority or control, Black's Law Dictionary, 7th Edn., p. 1439.Subordinate, is not a term of art and in its dictionary meaning, it connotes several ideas including holding of secondary or subservient position, Toesh Kumar v. State of Bihar, 1985 BLJR 19.Means a court can be said to be subordinate to another court only if the latter court has appellate or revisional jurisdiction or power of Superinten-dence given to it by some statutory provision over the former court, Bishambar Nath v. Achal Singh, AIR 1932 All 651: 1932 All L...
capitalization
capitalization 1 : the act or process of capitalizing [ of earnings] 2 : a sum resulting from a process of capitalizing ;esp : paid-in capital at capital [inadequate ] 3 : total capital liabilities of a business including both equity capital and debt capital NOTE: Equity capital is considered a liability because the investors may recall some or all of it (as by redeeming stock). Inadequate capitalization of a business is considered by courts in cases dealing with equitable subordination of creditors or piercing the corporate veil. 4 : the total par value or the stated value of no-par issues of authorized capital stock ...
Equitable estates and interests
Equitable estates and interests, Rights relating to property of which the legal ownership is vested in another person, or in the equitable owner himself in another capacity. The rights arise whenever a person obtains a title to have the property or an estate or interest in it vested in himself, e.g., by contract or by any conveyance or assignment which does not by law transfer or vest the legal estate or ownership in the transferee, by mortgage or charge, and whenever a trust arises, either express, constructive, implied or by operation of law. In theory the legal owner alone was entitled, both in law and equity, to the property, and he alone was responsible for the obligations and incidents attaching to the property, the beneficial owner merely having a personal right inequity to force the legal owner to carry out his obligation or trust, but the rights and obligations of beneficial ownership became recognized and affected by statute. The Statute of Uses turned the beneficial right or...
Court subordinate
Court subordinate, the expression 'Court immediately below' used in the Constitution means 'Court subordinate' and a single Judge of the High Court not being a court subordinate to the Division Bench qua the Division Bench the District Court was the Court immediately below. But the two expressions have not the same meaning. A 'court subordinate' to the High Court is a Court subject to the superintendent of the High Court, whereas a court immediately below is the Court from whose decision the appeal has been filed, Ladli Prasad Jaiswal v. Karnal Distillery Co. Ltd., AIR 1963 SC 1279 (1285): (1964) 1 SCR 270. (Civil Procedure Code, 1985, s. 115)...
Just and equitable
Just and equitable, are a recognition of the fact that a limited company is more than a mere legal entity with a personality in law of its own: that there is room in company law for recognition of the fact that behind it, or amongst it, there are individuals, with rights, expectation and obligation inter se which are not necessarily submerged in the company structure. A. Company H.L.(E) (in re:), (1999) 1 WLR 1092.Just and equitable, the principle of 'just and equitable' clause baffles a precise definition. It must rest with the judicial discretion of the court depending upon the facts and circumstances of each case. These are necessarily equitable considerations and may, in a given case, be super imposed on law. Whether it would be so done in a particular case cannot be put in the straitjacket of an inflexible formula, Hind Overseas Private Limited v. Raghunath Prasad Jhunljunwalla, AIR 1976 SC 565 (574): (1976) 3 SCC 259: (1976) 2 SCR 226.The words 'just and equitable' which occur in...
Equitable mortgage
Equitable mortgage, a mortgage under which the mortgagee does not get the legal estate. The following mortgages are equitable:-(1) Where the subject of a mortgage is trust property, which security is effected either by a formal deed or a written memorandum, notice being given to the trustees in order to preserve the priority. As a rule these mortgages include mortgages (not being mortgages of a legal estate) under a trust for sale or settlement which are not registrable under the (English) L.C. Act, 1925, s. 10, Class C.(2) Where the subject of the mortgage is an equity of redemption, which is merely a right to bring an action in the Chancery Division to redeem the estate. Now under the (English) L.P. Act, 1925, Sched. I., Parts VII. (1), (3), and VIII. (1), (3), and see ss. 85, 86, ibid., a mortgagor retains a legal estate in fee simple or for a term of years, and the first and subsequent mortgagees out of that estate each have a legal mortgage.(3) Where mortgages created before 1925 ...
Court immediately below and Court subordinate to the High Court
Court immediately below and Court subordinate to the High Court, the expressions 'a Court immediately below' and 'a Court subordinate to the High Court' had different meanings, and were therefore not one and the same. The test for determining whether an aggrieved party has a right to appeal, other conditions being fulfilled, is not whether the judgment is of a Court subordinate to the High Court but whether the judgment is of a court immediately below and that a single Judge of the High Court hearing a proceeding either as a Court of original jurisdiction or in exercise of appellate jurisdiction is a Court immediately below the Division Bench which hears an appeal against his judgment under the relevant clause of the Letters Patent, A. Rangaswamy Iyengar v. Pattamal, AIR 1971 SC 658 (659). [Constitution of India, Art. 133(1)(a)]...
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