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Bob Lawless
University of Illinois
I'm a college professor with 3 kids.
Recent Activity
In June, I said we are on track for just over 900,000 bankruptcy filings for 2014. The latest data are in from Epiq Systems, and that 900,000 figure remains the best estimate for the calendar year. We have had 556,875... Continue reading
Posted Aug 6, 2014 at Credit Slips
At its annual meeting, the National Conference of Commissioners on Uniform State Laws (NCCUSL) formally adopted the Uniform Voidable Transactions Act (UVTA). Under its provisions, I believe it says any service member in uniform will be able to avoid a... Continue reading
Posted Jul 28, 2014 at Credit Slips
On behalf of everyone at Credit Slips, I want to express our profound sadness at hearing of the tragic and untimely passing of Professor Dan Markel. a professor of law at Florida State University and a prominent criminal law theorist.... Continue reading
Posted Jul 20, 2014 at Credit Slips
Today marks the eighth anniversary of the launch of Credit Slips. That means we have been around long enough to get tenure at most universities. Now, if we only can get through the review letters. One thing that I have... Continue reading
Posted Jul 18, 2014 at Credit Slips
I have explored the reasons for the trend in other posts. The short version is that it has a lot to do with the availability of bankruptcy alternatives and very little to do with overall economic conditions. Bankruptcy is a legal act with legal consequences and is not necessarily an indicator of prevailing economic conditions. Some of the highest bankruptcy filing rates occurred in boom economic times.
Bankruptcy filings have continued to decline in the first part of 2014. This decline is part of a longer-term trend as the graph shows. (Clicking on the graph will bring up a larger version in a pop-up box.) As always,... Continue reading
Posted Jun 4, 2014 at Credit Slips
The American Bankruptcy Institute (ABI) Commission on Chapter 11 Reform has been considering how to improve the chapter 11 process. Among the thorniest issues the ABI Commission has faced is how to fairly balance the interests of secured creditors with... Continue reading
Posted Jun 4, 2014 at Credit Slips
If you are a long-time reader of Credit Slips, first thank you. Second, you probably noticed we were off the air earlier in the week. Our blog hosting service, Typepad, was the victim of a criminal denial-of-service attack. According to... Continue reading
Posted Apr 24, 2014 at Credit Slips
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