출처; HeinOnline --- 80 Va. L. Rev. 1887 (1994)
The Unsecured Creditor's Bargain.pdf
THE UNSECURED CREDITOR'S BARGAIN
Lynn M. LoPucki*
[D Joes it make any sense to award everything to a secured party
who stands idly by while a doomed enterprise goes down the slippery
slope into bankruptcy?
-Grant Gilmore1
INTRODUcrION •••.•••..•••••••••••••••••••••••••••••••.•••.••• 1888
1. THE SECURED CREDITOR'S BARGAIN ••••.•••••••••••• 1892
A. Involuntary Creditors .............................. 1896
1. Leaving Involuntary Creditors Subordinate to
Secured Creditors .............................. 1903
2. Elevating Involuntary Creditors Through
Universal Insurance ............................ 1906
3. Elevating Involuntary Creditors to Priority
over Secured Creditors ......................... 1907
B. Uninformed Creditors .. ............................ 1916
C. Can Security Be Proven Efficient? ................. 1920
II. THE UNSECURED CREDITOR'S BARGAIN ••••••••••••.• 1924
A. Asset-Based Unsecured Lending ................... 1924
B. Cash-Flow-Based Unsecured Lending .............. 1931
1. LoPucki's Formulation of Bowers' Law:
Security Tends To Expand to the Liquidation
Value of the Collateral ......................... 1931
* William R. Orthwein Professor of Law, Washington University in St. Louis. I express
my appreciation to Barry Adler, Susan Block-Lieb, Jim Bowers, David Carlson, Kate
Heidt, Dan Keating, Steve Knippenberg, Ronald Mann, Bob Rasmussen, Paul Shupack,
Harry Sigman, Barbara Jo Smith, Bob Thompson, Jay Westbrook, Bill Whitford, Jim
White, and participants in the University of Virginia School of Law's Conference on
"Revision of Article 9 of the Uniform Commercial Code" for their comments on earlier
drafts of this manuscript, to Bob Thompson for supplying unpublished data from his
empirical study of corporate veil piercing, to Steven L. Schwarcz for his insights into
unsecured lending by large financial institutions, to Bob Wirengard for his insights into
unsecured lending by sophisticated trade creditors, and to Barbara Jo Smith for assistance
with research.
1 Grant Gilmore, The Good Faith Purchase Idea and the Uniform Commercial Code:
Confessions of a Repentant Draftsman, 15 Ga. L. Rev. 605, 627 (1981).
1887
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