III. Pre-Petition Termination of Executory Contracts and Unexpired Leases
| Jurisdiction | North Carolina |
III. PRE-PETITION TERMINATION OF EXECUTORY CONTRACTS AND UNEXPIRED LEASES
A. Existence of Contract or Lease
A lease or contract that validly terminates prior to bankruptcy is no longer executory, does not become property of the estate, and is not subject to administration by the bankruptcy court. Termination must be complete and not subject to reversal, either under the terms of the contract or under applicable state law. A real property lease, for instance, is not finally terminated until the debtor's legal and equitable rights to prevent eviction have both...
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