Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Law
Person Or Property? On The Legal Nature Of The Bankruptcy Estate, Stephen M. Mcjohn
Person Or Property? On The Legal Nature Of The Bankruptcy Estate, Stephen M. Mcjohn
Suffolk University Law School Faculty Works
This article addresses the legal nature of the bankruptcy estate: whether the bankruptcy estate is a collection of property interests, like the traditional conception of a decedent's estate, or whether the estate is the legal person in which such property interests vest, analogous to a corporation, a partnership, or an individual. The legal nature of the bankruptcy estate becomes most important when a corporation which files a chapter 11 petition becomes a debtor in possession. Suppose Acme Corporation files a chapter 11 bankruptcy petition and becomes a debtor in possession; Acme's property becomes the bankruptcy estate. What is Acme Corporation's …
The Flip Side Of Twist Cap: Letters Of Credit As Executory Contracts In Bankruptcy, Stephen M. Mcjohn
The Flip Side Of Twist Cap: Letters Of Credit As Executory Contracts In Bankruptcy, Stephen M. Mcjohn
Suffolk University Law School Faculty Works
This article analyzes the treatment of letters of credit as executory contracts in bankruptcy. Some courts had stated that the bankruptcy of the beneficiary terminates a letter of credit. This article concludes that decisions were incorrect in treating a letter of credit as an executory contract to provide financial accommodations to the beneficiary. A letter of credit is not a means to provide credit to the beneficiary: it is a means to provide credit to the applicant (and thereby allowing the applicant and beneficiary to avoid extending credit to each other). The issuer is not dependent on the credit risk …