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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

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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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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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Handle: RePEc:nbr:nberwo:6472

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Find related papers by JEL classification:
G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
K22 - Law and Economics - - Regulation and Business Law - - - Corporation and Securities Law

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  1. Che, Yeon-Koo & Spier, Kathryn, 2006. "Strategic Judgment Proofing," MPRA Paper 6100, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  2. 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. [Downloadable!] (restricted)
  3. 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. [Downloadable!] (restricted)
  4. Arturo Galindo, 2001. "Creditor Rights and the Credit Market: Where Do We Stand?," RES Working Papers 4259, Inter-American Development Bank, Research Department. [Downloadable!]
  5. repec:bep:dewple:2003-1-1060 is not listed on IDEAS
  6. Arturo Galindo, 2001. "Derechos de los acreedores y el mercado crediticio ¿Cuál es la situación actual?," RES Working Papers 4260, Inter-American Development Bank, Research Department. [Downloadable!]
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