Taylor v. Standard Gas Co.
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Taylor v. Standard Gas Co. 306 U.S. 307 (1939) is an important case decided by the U.S. Supreme Court, which laid down the "Deep Rock doctrine" as a rule of bankruptcy and corporate law. The rule requires that, where a subsidiary corporation declares bankruptcy and an insider or controlling shareholder of that subsidiary corporation asserts claims as a creditor against the subsidiary, loans made by the insider to the subsidiary corporation may be deemed to receive the…mehr

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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Taylor v. Standard Gas Co. 306 U.S. 307 (1939) is an important case decided by the U.S. Supreme Court, which laid down the "Deep Rock doctrine" as a rule of bankruptcy and corporate law. The rule requires that, where a subsidiary corporation declares bankruptcy and an insider or controlling shareholder of that subsidiary corporation asserts claims as a creditor against the subsidiary, loans made by the insider to the subsidiary corporation may be deemed to receive the same treatment as shares of stock owned by the insider. Therefore, the insider's claims will be subordinated to the claims of all other creditors, i.e. other creditors will be paid first, and if there is nothing left after other creditors are paid then the insider gets nothing. This also applies (and indeed the doctrine was first established) where a parent company asserts such claims against its own subsidiary.