The continued unsettled state of constructive trusts in bankruptcy: of Butner, federal interests and the need for uniformity

Article Abstract:

The legal interpretation of constructive trusts during bankruptcy proceedings has varied according to court of law. The US Courts of Appeals in the Third, Sixth, Eighth, and Ninth Circuits have developed three approaches to the issue with case-by-case variations. Conflicts arise from the imperative to provide justice to all creditors and to treat bankruptcy as a procedural matter. The US Supreme Court's 1979 decision in Butner v. United States ruled states should determine property law unless federal authority had an overriding interest. Arguments have been made on all sides of the guidelines. Congressional legislation should clarify the inconsistencies.

States, Bankruptcy Law, Other Justice, Public Order, and Safety Activities, Constructive trusts

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Bankruptcy abandonment power and environmental liability

Article Abstract:

The author discusses the US Supreme Court's decision in Midlantic National Bank v. New Jersey Department of Environmental Protection and Bankruptcy Code of 1978 section 554 in regards to the abandonment of environmentally contaminated property during bankruptcy.

Toxic torts, Abandonment of property, Abandonment (Law), Brownfields

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How explicit do you need to be? an analysis of the rule of explicitness after Southeast Banking

Article Abstract:

The author discusses the origins and current state of bankruptcy law's Rule of Explicitness on the drafting and enforcement of subordination agreements, and the effect of the Rule on existing and future contracts.

Contracts, Subordinated debentures

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