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The Uneasy Case for the Priority of Secured Claims in Bankruptcy: Further Thoughts and a Reply to Critics

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  • Lucian Arye Bebchuk
  • Jesse Fried

Abstract

In an earlier article, The Uneasy Case for the Priority of Secured Claims in Bankruptcy,' 105 Yale Law Journal 857 (1996), we suggested that the case for a full priority of secured claims in bankruptcy is an uneasy one. In this paper, we address various reactions and objections to our analysis that have been offered by subsequent work. We also further develop some of the main elements of the analysis in our earlier article with respect to both our analysis of the comparative merits of full and partial priority and our analysis of how a partial priority regime could be implemented. The analysis confirms our earlier conclusion that the case for a full priority of secured claims in bankruptcy is an uneasy one.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6472.

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Date of creation: Mar 1998
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Publication status: published as Cornell Law Review Vol. 82, No. 6, pp. 1279-1348 (1997)
Handle: RePEc:nbr:nberwo:6472

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Cited by:
  1. Clas Bergström & Theodore Eisenberg & Stefan Sundgren, 2004. "On the Design of Efficient Priority Rules for Secured Creditors: Empirical Evidence from A Change in Law," European Journal of Law and Economics, Springer, vol. 18(3), pages 273-297, December.
  2. Arturo Galindo, 2001. "Derechos de los acreedores y el mercado crediticio ¿Cuál es la situación actual?," Research Department Publications 4260, Inter-American Development Bank, Research Department.
  3. Ralph P. Heinrich, 1999. "A Model of Corporate Governance as a System," Kiel Working Papers 931, Kiel Institute for the World Economy.
  4. Yeon-Koo Che & Kathryn E. Spier, 2008. "Strategic judgment proofing," RAND Journal of Economics, RAND Corporation, vol. 39(4), pages 926-948.
  5. Thomas Eger, 2001. "Bankruptcy Regulations and the New German Insolvency Law from an Economic Point of View," European Journal of Law and Economics, Springer, vol. 11(1), pages 29-46, January.
  6. Arturo Galindo, 2001. "Creditor Rights and the Credit Market: Where Do We Stand?," IDB Publications 6483, Inter-American Development Bank.

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