83,357
edits
Template:Crossaffiliate setoff: Difference between revisions
no edit summary
Amwelladmin (talk | contribs) (Created page with "Seems like a cool idea, but don't bet the farm on it, especially where your counterparty is bankrupt — which is the one time you’re really going to want to rely on it. :'...") |
Amwelladmin (talk | contribs) No edit summary |
||
| (One intermediate revision by the same user not shown) | |||
| Line 5: | Line 5: | ||
The court found that [[mutuality]] is a requirement for both [[common law]] and [[contractual set-off|contractual setoff]] under Section 553 of the Bankruptcy Code, and that the contract did not create mutuality for purposes of Section 553. The court further held that the safe harbor provisions for swaps and other derivatives contracts in the Bankruptcy Code do not permit a party to exercise a contractual right to setoff where there is no mutuality.'' | The court found that [[mutuality]] is a requirement for both [[common law]] and [[contractual set-off|contractual setoff]] under Section 553 of the Bankruptcy Code, and that the contract did not create mutuality for purposes of Section 553. The court further held that the safe harbor provisions for swaps and other derivatives contracts in the Bankruptcy Code do not permit a party to exercise a contractual right to setoff where there is no mutuality.'' | ||
More [https://www.davispolk.com/files/files/Publication/3509aab3-e1ed-44ad-9da2-d92b1e7daa24/Preview/PublicationAttachment/3375b919-78ed-41b5-9ae9-dba7925f83d7/bresnick.white.Lehman.bankruptcy.court.thomson.reuters.article.10.06.11.pdf | More [https://www.davispolk.com/files/files/Publication/3509aab3-e1ed-44ad-9da2-d92b1e7daa24/Preview/PublicationAttachment/3375b919-78ed-41b5-9ae9-dba7925f83d7/bresnick.white.Lehman.bankruptcy.court.thomson.reuters.article.10.06.11.pdf. here]. | ||