Published July 1980
| Version Submitted
Working Paper
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Security Interests and Bankruptcy Priorities: A Review of Current Theories
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Abstract
This paper reviews positivist theories respecting why firms issue secured debt and normative theories purporting to justify the first priority status that secured debt occupies in bankruptcy liquidations. It shows that both sets of theories leave much firm behavior and legal regulation unaccounted for. The current consensus to the contrary among legal scholars is thus misplaced.
Additional Information
I would like to thank John Borgo, David Carroll, Robert Forsythe, Michael J. Graetz, George Priest, Robert E. Scott and Louis L. Wilde for very helpful suggestions. This paper also benefited substantially from comments received at the Law and Economics Workshop at the University of Chicago and the USC Faculty Workshop. Portions of this paper appear in revised form in Alan Schwartz and Robert E. Scott, Commercial Law: Principles and Policies, 1991. Published as Schwartz, Alan. "Security interests and bankruptcy priorities: a review of current theories." The Journal of Legal Studies 10.1 (1981): 1-37.Attached Files
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- Eprint ID
- 82243
- Resolver ID
- CaltechAUTHORS:20171009-165955753
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- http://resolver.caltech.edu/CaltechAUTHORS:20171117-165014965 (URL)
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2017-10-10Created from EPrint's datestamp field
- Updated
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2019-10-03Created from EPrint's last_modified field
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- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 334