Search Results for: RULE, THE

absolute priority rule

absolute-priority rule. Bankruptcy. The rule that a confirmable reorganization plan must provide for full payment to a class of dissenting unsecured creditors before a junior class of claimants will be allowed to receive or retain anything under the plan. • Some jurisdictions recognize an exception to this rule when a junior class member, usu. a

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rule of 72

rule of 72. A method for determining how many years it takes to double money invested at a compound interest rate. • For example, at a compound rate of 6%, it takes 12 years (72 divided by 6) for principal to double.

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enrolled bill rule

enrolled-bill rule. The conclusive presumption that a statute, once formalized, appears precisely as the legislature intended, thereby preventing any challenge to the drafting of the bill. [Cases: Statutes 283(2).C.J.S. Statutes §§ 74–75, 77.] “Under the ‘enrolled bill rule,’ an enrolled bill, properly authenticated and approved by the governor, is conclusive as to regularity of its

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cordon rule

Cordon rule. A rule of the U.S. Senate requiring any committee that is reporting a bill amending current law to show in its report what wording the bill would strike from or insert into the current statute. • The rule is named for Senator Guy Cordon (1890–1969) of Oregon, who proposed it. The analogous rule

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