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Expert Analysis

A Growing List Of Nonassignable Contracts In Bankruptcy

Law360, New York ( January 12, 2015, 10:26 AM EST) -- Section 365(a) of the Bankruptcy Code provides that a trustee in bankruptcy or a debtor in possession has the power to assume or reject an executory contract or unexpired lease. Though the code does not define "executory contract," the accepted definition is "a contract under which the obligations of both the bankrupt and the other party to the contract are so far unperformed that the failure of either to complete performance would constitute a material breach excusing the performance of the other." Vern Countryman, Executory Contracts in Bankruptcy: Part I, 57 Minn. L. Rev. 439, 460 (1973)....

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