- bankruptcy clause
bankruptcy clause n: ipso facto clause
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
- bankruptcy clause
USAA provision in an agreement which permits its termination due to the bankruptcy, insolvency or financial condition of a party. The Bankruptcy Code prohibits enforcement of such provisions in executory contracts and unexpired leases of the debtor (§ 365(e)(1), Bankruptcy Code).
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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