Awaiting Critical Bankruptcy Decision For Surety Industry

By Lisa Tancredi and Laura Murphy (June 17, 2022, 1:54 PM EDT) -- On June 6, the U.S. Court of Appeals for the Fifth Circuit heard the oral argument in Argonaut Insurance Co. v. Falcon V LLC.

Before the court, as a matter of first impression, is the question of the proper analysis of multilateral agreements, such as surety bond programs, under Section 365 of the Bankruptcy Code. Surety bonds are essential to many business operations, yet there are relatively few cases addressing the treatment of surety bond programs in bankruptcy.

The Fifth Circuit's decision will be of critical importance to the surety industry.

Surety programs are tripartite. A contract, statute or regulation requires...

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