deep rock doctrine

Deep Rock doctrine
Deep Rock doctrine n [from Deep Rock, a debtor corporation found to have been used for fraudulent transfers to its parent corporation in the Supreme Court case Taylor v. Standard Gas and Electric Co. ( Deep Rock ), 306 U.S. 307(1939)]: a doctrine holding that the claim of a stockholder and esp. a stockholder with controlling interest who makes a loan to his or her own corporation will be subordinated to the claims of outside creditors if the corporation is deemed undercapitalized

Merriam-Webster’s Dictionary of Law. . 1996.

deep rock doctrine
n.
In corporate bankruptcy, a principle that prevents controlling shareholders from presenting their claims before or with those of other creditors.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

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