Title
Microsoft Word - Stein Final.doc
By
alyneh
Description
AN UPDATE ON THE BANKRUPTCY LAW OF LARGE LETTERS OF CREDIT FOR LEASES Joshua Stein∗ Editors’ Synopsis: When landlords accept large letters of credit in lieu of cash deposits as security for commercial leases, and the tenant files for bankruptcy before the end of the lease term, the landlord may find that the Bankruptcy Code limits the usefulness of the letter of credit. In this Article, the author explains how the Bankruptcy Code causes this “Claim Cap Problem” and offers guidance on how a...

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