| Security | Cash Flow Rights | Liquidation Rights | Voting Rights |
|---|---|---|---|
|
Common Stock (Equity) |
Residual and discretionary dividend | Residual | Yes |
| Preferred Stock (Equity) |
Fixed and discretionary dividend (cumulates) |
Medium | Contingent |
| Bonds (Debt) | Fixed and certain interest payment | Highest | None |
The term “security” means:
Any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. 15 U.S.C. § 77b(a)(1).