In a typical corporate commercial lease, except for the most creditworthy tenants, a landlord will require a guaranty from a corporate parent or multiple guaranties from other companies in the corporate family. This article explores the applicability of §502(b)(6) of the Bankruptcy Code, which caps claims asserted by a landlord against a debtor tenant’s estate, to landlord guaranty claims.
As discussed below, it is clear that the liability of a non-debtor guarantor is not limited by the §502(b)(6) cap. Further, although some earlier cases held to the contrary, it now appears to be well settled law that the §502(b)(6) cap does apply to limit lease damage claims against a debtor guarantor. There is, however, a dearth of case law addressing whether a landlord claimant can assert two separate 502(b)(6) claims, one against a debtor tenant and another against a debtor guarantor.
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