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Surety Bonds Aren’t Executory Contract and Can’t Be Assumed, District Judge Says

An irrevocable surety bond isn’t executory because it gives the bonding company no further obligations to the debtor.

District Judge Rakoff Explains Why the Debtor Alone May Assert a Cure Claim

A creditor can’t assert a cure claim, even though Section 365(b) doesn’t give the counterparty the sole right to demand a cure on assumption of an executory contract.

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