Bridgeport holdings inc liquidating trust
845 (1988) (executory contract means "simply a contract under which (a) debtor and non-debtor each have unperformed obligations and (b) the debtor, if it ceases further performance, would have no right to the other party's continued performance"); H.
However, some courts have begun to move away from Countryman's approach and have adopted a "functional approach" which works "backward from an examination of the purposes to be accomplished by rejection, and if they have already been accomplished then the contract cannot be executory." See, e.g., In re Magness, 972 F.2d 689, 693 (6th Cir.
International Ladies Garment Workers' Union, 734 F.2d 1020, 1021 (4th Cir.
Y 1991); see generally Andrew, Executory Contracts In Bankruptcy: Understanding Rejection, 59 U.
1992) (employment contracts are executory contracts); Compare Texaco Inc. 1994) (promissory notes are not executory contracts); In re U. 1993) (terminable-at-will employment contracts are not executory contracts because debtor's only legal obligation is to pay severance pay); In re Chateaugay Corp., 102 B. § 365, provides that, subject to court approval and certain limitations discussed below, debtors can assume or reject any executory contract or unexpired lease. lurks a hopelessly convoluted and contradictory jurisprudence." In re Drexel Burnham Lambert Group, Inc., 138 B.