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Excerpt from Practical Guidance

Expert Analysis

How Personal Property Leases Are Treated In Bankruptcy

Law360, New York (April 20, 2015, 1:07 PM EDT) -- There are numerous issues to be taken into consideration regarding leases of personal property, including equipment leases, in the context of a bankruptcy filing. As an initial matter, in order for assumption to occur, the bankruptcy estate must cure defaults, compensate the nondebtor party for any financial loss stemming from such defaults, and provide the nondebtor party with adequate assurance that the estate will be capable of performing going forward in accordance with the lease. As a result, disputes between the debtor and the nondebtor regarding the existence and the extent of lease defaults are common....

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