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Bob Lawless
University of Illinois
I'm a college professor with 3 kids.
Recent Activity
On behalf of everyone at Credit Slips, I wanted to thank Professor Javier Arias of the Universidad Rey Juan Carlos and Professor Andrew Dawson of the University of Miami. It takes time out of a busy schedule to contribute to... Continue reading
Posted Apr 3, 2014 at Credit Slips
Two weeks ago, I wrote a post based on Lynn LoPucki's observation that Article 9 of the Uniform Commercial Code (UCC) might be Bitcoin's Achilles heel. From that experience, I learned that the surest way to get attention for a... Continue reading
Posted Mar 28, 2014 at Credit Slips
As noted by America's finest news source here. Continue reading
Posted Mar 22, 2014 at Credit Slips
If you are looking for trite and oversimplified assertions about bankruptcy stigma, then stay away from the latest issue of the American Bankruptcy Law Journal. In those pages, Professor Michael Sousa from the University of Denver has a wonderful paper... Continue reading
Posted Mar 18, 2014 at Credit Slips
Yeah, Jack, except for the fact there is a statute here with very precise language. Or, another way to put it is mankind may consider the painting hanging in the bank lobby to be art, but to the UCC, it is equipment.
Last week, Professor Lynn LoPucki called me up and asked a good question. Why hasn’t Bitcoin fallen apart because of the operation of Article 9 of the Uniform Commercial Code (UCC)? It is a really good question. With Lynn’s permission,... Continue reading
Posted Mar 10, 2014 at Credit Slips
Credit Slips is pleased to welcome back Professor Susan Block-Lieb of Fordham University. A long-time "friend of the blog" -- as Stephen Colbert might put it -- Susan has blogged with us in the past with Professor Ted Janger. This... Continue reading
Posted Mar 3, 2014 at Credit Slips
On behalf of the Credit Slips bloggers, I want to extend our sympathy to the family and friends of Professor Ted Eisenberg who passed away suddenly on Sunday. Ted worked in the areas of civil rights, the death penalty, and... Continue reading
Posted Feb 25, 2014 at Credit Slips
Credit Slips is please to welcome Professor Drew Dawson as a guest blogger. Drew is on the faculty at the University of Miami School of Law where he teaches the bankruptcy, commercial law, and the other sorts of course you... Continue reading
Posted Feb 17, 2014 at Credit Slips
Francisco Javier Arias Varona, Profesor Titular de Derecho Mercantil at the Universidad Rey Juan Carlos in Madrid, Spain, will be joining as a guest blogger for a few weeks. Long-time readers may remember Javier's last guest stint with us. Spain... Continue reading
Posted Feb 10, 2014 at Credit Slips
My friend, Frank Venis, sent me a link to a Planet Money/NPR story that 42.1% of home purchases are now in cash. I have been meaning to write up a quick post on the story since the story appeared, but... Continue reading
Posted Feb 1, 2014 at Credit Slips
Mehrsa Badaran, a professor at the University of Georgia, argued for postal banking in a 2012 paper that was later published in the Emory Law Journal. See,
Toggle Commented Feb 1, 2014 on Postal Banking at Credit Slips
We are making a few changes in the author line-up here at Credit Slips. The blog has been running for seven and a half years. During that time, new voices have entered the academy, and we need to keep up!... Continue reading
Posted Jan 23, 2014 at Credit Slips
I'm on the road and only have time to link to the USA Today story about the Kaiser Family Foundation report on how medical debt might look like after the Affordable Care Act. Short version: high deductibles and co-pays may... Continue reading
Posted Jan 15, 2014 at Credit Slips
SYSM, I did not mean to imply the question did not matter. Indeed, it was my blog post to begin with! Rather than "over-analyzing," maybe it would be clearer to say that I don't think it is as complicated as the previous commenter implies. If someone does need to bring a legal claim similar to these facts, I would make three arguments (in order): 1. Breach of contract (i.e., you promised to sell me item A and you gave me item B (or nothing at all)) 2. Breach of warranty (i.e., the item was not as warranted, also remembering there are implied warranties) 3. Restitution (i.e., I gave you money and got nothing in return and therefore you have been unjustly enriched)
Adam, I think you are overanalyzing this. The store did not sell a gift card but a piece of plastic in the shape of a gift card (at best) that it represented was a gift card. The claim would be that what was delivered was not was promised, not that was delivered did not perform as promised. I am not even sure it is a warranty claim any more than a claim that I paid for a car and you gave me a bicycle is a warranty claim. As to Article 9, the gift card is probably a general intangible, but I think the scope provision pretty clearly takes the transaction out of Article 9. (The gift card is not money or an account, but if it were, the same reasoning would apply). But, even if Article 9 did apply for some bizarre reason, I don't see why it would preclude ordinary contractual remedies between the parties. P.S.--And, if you don't like any of that, how about restitution as a remedy.
The Consumerist posted a story about a man who purchased prepaid debit cards from Walmart only to discover that the debit cards in the package were not Vanilla MasterCards as labeled but instead gift cards from other stores that had... Continue reading
Posted Jan 8, 2014 at Credit Slips
The year-end bankruptcy data from Epiq Systems just became available. Total bankruptcy filings in 2013 were 1,032,326, a 13% decline from the previous year. (Note the precise total will be subject to minor final adjustments.) On a monthly basis, the... Continue reading
Posted Jan 3, 2014 at Credit Slips
Elizabeth Warren, a blogger who left Credit Slips for the lesser fame of the U.S. Senate, has introduced the Equal Employment for All Act, which would bar credit checks for most pre-employment screening. A few states already have taken steps... Continue reading
Posted Jan 2, 2014 at Credit Slips
The New York Times ran an important story today by Natalie Kitroeff on the role of Educational Credit Management Corporation in policing student loans in bankruptcy. It is a story that should interest all Credit Slips readers. Observers of the... Continue reading
Posted Jan 2, 2014 at Credit Slips
We published a study which was covered here:, which does not get at the regional variation per se but does offer some insights on chapter 13 choice. Chapter 13 started in Birmingham, Alabama, but that does not necessarily explain the persistence of the pattern today or even why it might have started in that place.
Toggle Commented Dec 12, 2013 on (Yet Another) Chapter 13 Map at Credit Slips
This post will have to be short on commentary -- "yay!," goes the reader -- as I am in the middle of getting ready for a conference. One of the things that preparation entailed is putting together the map to... Continue reading
Posted Dec 11, 2013 at Credit Slips
This. It is satire. Really good satire. Hat tip to CL&P Blog. Continue reading
Posted Dec 11, 2013 at Credit Slips
Adam, isn't there a more direct and well-established way that the Michigan state constitutional provision gets into the bankruptcy case, namely that property rights in bankruptcy court are defined by state law? Isn't it just Butner and all that? I don't see why we have to get involved with esoteric constitutional theories of sovereignty (always to be avoided). Not I am not suggesting that Butner prevents the lowering of the pensions, just that it seems the more direct route analytically.
Toggle Commented Dec 4, 2013 on Detroit: Eligibility and Pensions at Credit Slips
The latest bankruptcy filing statistics from Epiq Systems have just been released. They show that U.S. bankruptcy filings in November were just over 3,700 per business day. That is a 15.0% decrease on a year-over-year basis from last November. With... Continue reading
Posted Dec 3, 2013 at Credit Slips