fair and equitable
Defined in 2 dictionaries — Case Law, U.S. Code
Definitions from Case Law
From 308 U.S. 106 - Case v. Los Angeles Lumber Products Co. · 1939Most cited · 1,565 citing opinions
words of art which prior to the advent of § 77B had acquired a fixed meaning through judicial interpretations in the field of equity receivership reorganizations
United States Code
45 U.S.C. § 745 — as used in this section (4 versions over time)
As used in this section, the term “fair and equitable” means fair and equitable, in accordance with the standards applicable to the approval of a plan of reorganization (or a step in such plan) under section 77 of the Bankruptcy Act 1 to—
(1) the estates of railroads in reorganization in the region and persons leased, operated, or controlled by such railroads who have conveyed rail properties, under section 743(b)(1) of this title, in exchange for securities of the Corporation, the Association, or profitable railroads and other benefits provided as a consequence of this chapter and to any subsequent holders of such securities at the time of the supplemental transaction involved; and
(2) the holders of other securities of the Corporation.