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More Equal than Others: Defending Property-Contract Parity in Bankruptcy |
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Blake Rohrbacher [View as PDF]
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114 Yale L.J. 1099 (2005)
Contracts create property; contractual rights and obligations are property. In bankruptcy, however, this aspect of nonbankruptcy law is often not recognized. This Note argues that bankruptcy law and policy should recognize the property in contract. This Note examines instances of inconsistency within the Bankruptcy Code and in bankruptcy courts' holdings to demonstrate how the acceptance of property-contract parity would lead to greater efficiency in prebankruptcy contracting, a stronger policy foundation for bankruptcy law, greater protection for valid party expectations, and less inequity between interested parties in bankruptcy proceedings.
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