2019 Bankruptcy Truisms: “Rejection” of an Executory Contract Means “Breach,” and Not “Rescission,” and a Trademark Is Not a Type of Intellectual Property

By Sonia Singh and Zev Shechtman

In Mission Product Holding, Inc. v. Tempnology, LLC, resolving a circuit split, the Supreme Court determined that a licensor’s choice to reject an executory trademark license agreement under 11 U.S.C. § 365(a) functions as a breach of contract, not a rescission.  The decision established an important precedent in the interpretation of executory contracts under the Bankruptcy Code.

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