Circuit and District Court Splits on Important Bankruptcy Issues with Bill Rochelle & Friends
Surety Bonds Aren’t Executory Contract and Can’t Be Assumed, District Judge Says
An irrevocable surety bond isn’t executory because it gives the bonding company no further obligations to the debtor.
Court:
Splits and Confounding Issues Destined for the Supreme Court
District Judge Rakoff Explains Why the Debtor Alone May Assert a Cure Claim
A creditor can’t assert a cure claim, even though Section 365(b) doesn’t give the counterparty the sole right to demand a cure on assumption of an executory contract.
Puerto Rico Case and the Efficacy of Prof. Westbrook’s Definition of ‘Executoriness’
The bankruptcy community needs a better definition of what’s an executory contract, and Prof. Jay Westbrook has it.
Court:
Tribal Law Defined the Nature of a Tribe Member’s Property Interest in Gaming Revenue
Federal law allows tribes to determine whether a tribe member’s interest in distributions of gaming revenue will be estate property in bankruptcy, Judge Ridgway says.
Court:
Utah Judge Engrafts Flexibility onto the Countryman Definition of Executory Contracts
Rooker-Feldman and other principles can bar rejection of a contract even if it’s ‘executory.’
Court:
Curing Defaults Isn’t Always Required Before Selling a Contract, Third Circuit Says
The ‘Countryman’ definition of an executory contract allows a debtor sell a contract without curing a default if the non-debtor counterparty has no further material, unperformed obligations.
Court: