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The Rejection Of Executory Contracts Under The Intellectual Property Bankruptcy Protection Act Of 1988, John J. Fry
The Rejection Of Executory Contracts Under The Intellectual Property Bankruptcy Protection Act Of 1988, John J. Fry
Cleveland State Law Review
In October of 1988, Congress enacted the Intellectual Property Bankruptcy Protection Act. The Act is intended to "promote the development and licensing of intellectual property by providing certainty to licensees in situations where the licensor files bankruptcy and seeks to reject the license as an executory contract by providing the licensee an "assurance of being able to continue to use the licensed intellectual property after rejection, while debtors/licensors will still be able to free themselves of burdensome obligations." The Act adds a new subsection to 11 U.S.C. §365 which allows the licensee of intellectual property under an executory contract to …