strict priority

strict priority
The principle, first enunciated in equity receivership cases, carried over to railroad reorganization cases under § 77 of the Bankruptcy Act, reaffirmed and re-enunciated in corporate reorganization cases under Ch X of the Bankruptcy Act, that in order to win the approval of the court as fair and equitable, a plan of reorganization must preserve for the holders of the several interests the advantage of their respective priorities, except as otherwise provided in the Bankruptcy Act. 9 Am J2d Bankr § 1586. A rule which gives creditors secured or unsecured the right to exclude stockholders entirely from the reorganization plan when the debtor is insolvent. Helvering v Alabama Asphaltic Limestone Co. 314 US 598, 86 L Ed 504, 62 S Ct 540.

Ballentine's law dictionary. . 1998.

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