What is BOYD RULE? Definition of BOYD RULE in Black's Law Dictionary
In a corporate reorganization, no junior security may be given participation without providing a new consideration therefor, unless all securities senior to it have received full equivalent of their rights against the estate. Phelan vMiddle States Oil Corp., D.C.N.Y., 124 F.Supp. 728, 781.
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That's the definition of BOYD RULE in Black's Law Dictionary - Courtesy of Cekhukum.com.
