fair and equitable

fair and equitable
A term of art, developed in corporate reorganizations in equity receiverships and applied as well in reorganizations under the Bankruptcy Act and other statutes, to characterize the necessity, in formulating and adopting plans of reorganization, of according to creditors and classes of creditors the priorities to which they are entitled by contract and to stockholders of one class the superior position to which they are entitled by the charter of the corporation over stockholders of another class. Securities & Exchange Com. v United States Realty & Improv. Co. 310 US 434, 84 L Ed 1293, 60 S Ct 1044; Otis & Co. v Securities & Exch. Com. 323 US 624, 89 L Ed 511, 65 S Ct 483.

Ballentine's law dictionary. . 1998.

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  • fair — adj 1 comely, lovely, *beautiful, pretty, bonny, handsome, beauteous, pulchritudinous, good looking Analogous words: delicate, dainty, exquisite (see CHOICE): charming, attractive, enchanting (see under ATTRACT): pure, *chaste Antonyms: foul: ill …   New Dictionary of Synonyms

  • Fair — (f[^a]r), a. [Compar. {Fairer}; superl. {Fairest}.] [OE. fair, fayer, fager, AS. f[ae]ger; akin to OS. & OHG. fagar, Icel. fagr, Sw. fager, Dan. faver, Goth. fagrs fit, also to E. fay, G. f[ u]gen, to fit. fegen to sweep, cleanse, and prob. also… …   The Collaborative International Dictionary of English

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