The Fate of Anti-Assignment Clauses After Bankruptcy

The Third Circuit held on July 30, 2013, that a reorganized Chapter 11 debtor could reopen its closed case, enabling the debtor assignee to enforce a purchase option in a real property lease despite the lease’s “anti-assignment provisions.” In re Lazy Days’ RV Center Inc., *5 (3d Cir. July 30, 2013). In this article, SRZ partners Michael L. Cook and Lawrence V. Gelber discuss the Third Circuit’s decision.