STATUTORY Definition

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STATUTORY is relating to or created by statutes.

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OPEN-END FUND is a mutual fund that continually offers shares for sale and will always redeem existing shares for cash at the shareholder's request.

SUBORDINATED DEBT is debt over which senior debt takes priority. In the event of bankruptcy, subordinated debt holders receive payment only after senior debt claims are paid in full. There is a pecking order determining the sequence in which a company will pay off its debt instruments, subordinate (or junior) issues will not be repaid until unsubordinated (or senior) debt has been repaid in full.

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