The Story of YMPs ( Yield Maintenance Premiums ) in Bankruptcy

This article tries to tell the story of YMPs in bankruptcy. It is not an easy story to tell. It has so many subplots: the court’s position on freedom of contract, the debtor’s solvency or insolvency, the effect of recognizing the YMP on other creditors, whether the YMP claim arose pre- or post-petition, the proper relationship between section 502 claim allowance and section 506(b) which permits oversecured claims to include reasonable fees, costs, or charges as provided for in the loan agreement, and the effect of YMP enforcement on chapter 11 plan configuration. In terms of basic plot line though, the debtor will almost always want to get rid of the YMP – somehow, some way. The YMP holder will almost always want to enforce it. The debtor’s other creditors will join with the debtor to oppose YMP enforcement if enforcement will adversely affect their position. The YMP story then it really a story about how debtors can try to invalidate or neutralize YMPs and how YMP holders can try to make them enforceable

How Are You Going to Keep Them down on the (Collective) Farm after They\u27ve Seen Chicago - A Minor\u27s Right to Political Asylum against His Parents\u27 Wishes

“Children’s rights” is a nebulous phrase subsuming two very different issues: the extent to which children can assert the same rights against the state as adults, and the extent to which the state can limit a parent’s power over his child. In cases involving the issue of children’s rights , the Supreme Court has defined those rights in a relatively restrictive fashion. On the one hand, the Supreme Court has recognized that children have constitutional rights independent of those enjoyed by their parents. On the other hand, it has frequently held those rights to be either less than those afforded to adults or subordinate to the rights of parents. A recent opinion listed three reasons why children could not enjoy the same constitutional rights as adults: children’s “peculiar vulnerability…; their inability to make critical decisions in an informed, mature manner; and the importance of the parental role in child rearing.” To the extent that the courts have recognized children’s rights, they generally have done so within the context of a parental right to “family autonomy”

Waiver or Modification: That is the Question

The elusive distinction between waiver and contract modification has reared its head in Massachusetts. What\u27s the difference? A party who waives a contract term can retract the waiver in the absence of the other party\u27s detrimental reliance, whereas a party cannot unilaterally retract a contract modification. Stating the legal consequences that flow from each event is easy. Figuring out which event has occurred is not