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assumption on the cure of any outstanding default by the terms set forth in the lease contract. For cases under chapter 11 where the debtor is an individual (and in chapter 13 cases), if the debtor is a lessee of personal property and the lease is not assumed by the plan, then the lease is deemed rejected at the conclusion of the confirmation hearing.
5. Aircraft Gate Leases.
BAPCA also made technical amendments to section 365 by deleting extensive provisions relating to leases of aircraft gates and similar issues of interest in airline bankruptcies. This was a housekeeping measure as the deleted provisions expired in 1993 and were no longer effective.
Practitioners should also be aware that the BAPCA also made changes to residential property leases. For example, Section 365(d)(4) has been modified to extend the automatic rejection date to a one hundred twenty (120) day period (subject to further extension). Moreover, the automatic stay provisions of § 362 have been amended to provide for expedited procedures for gaining possession of residential real property where, for example, the debtors have endangered the property or illegally used controlled substances on such property. See 11 U.S.C. § 362(b)(23).
While there do not appear to be any published decisions construing any of the new verbiage in section 365 of the Code, there have been a number of recent noteworthy decisions regarding executory contracts and unexpired leases, including the following cases:
