Montana Mont. LBF 25. MOTION TO ASSUME [REJECT] EXECUTORY CONTRACT [OR UNEXPIRED LEASE]; AND NOTICE [MONT. LB 6006-1(a)] is a motion filed by a trustee in a bankruptcy case in Montana. The motion seeks court approval for either the assumption or rejection of an unexpired lease or executory contract by the trustee. The motion must also include a notice to all parties affected by the motion. There are two types of Montana Mont. LBF 25. MOTION TO ASSUME [REJECT] EXECUTORY CONTRACT [OR UNEXPIRED LEASE]; AND NOTICE [MONT. LB 6006-1(a)]: 1. Motion to Assume Executory Contract or Unexpired Lease: This is a motion filed by a trustee in a bankruptcy case in Montana, seeking court approval to assume an unexpired lease or executory contract. The motion must include a notice to all affected parties. 2. Motion to Reject Executory Contract or Unexpired Lease: This is a motion filed by a trustee in a bankruptcy case in Montana, seeking court approval to reject an unexpired lease or executory contract. The motion must include a notice to all affected parties.
Montana Mont. LBF 25. MOTION TO ASSUME [REJECT] EXECUTORY CONTRACT [OR UNEXPIRED LEASE]; AND NOTICE [MONT. LBR 6006-1(a)]
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FAQ
Contracts must be assumed within 60 days or deemed rejected; unless extension of time granted within the 60 day period.
Section 365(a) of the Code requires court approval for the assumption or rejection of an executory contract by the trustee or debtor in possession. The trustee or debtor in possession may also assign an executory contract, §365(f)(1), but must first assume the contract, §365(f)(2).
Executory refers to something (generally a contract) that has not yet been fully performed or completed and is therefore considered imperfect or unassured until its full execution. Anything executory is started and not yet finished, or is in the process of being completed in order to take full effect at a future time.
With the exception of leases for commercial real estate, you have 60 days from the filing of bankruptcy to reject or assume an executory contract. The only way to change the deadline is to go to the bankruptcy court. The rules of bankruptcy that govern executory contracts are pretty complex.
Executory contracts must be in writing and signed by both parties. Make sure any promises between the parties are written in the contract. A court will not enforce an oral promise in an executory contract.
Assumption of an executory contract is accomplished by motion of the debtor-in-possession or trustee, subject to objection by other creditors and court approval.