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UNITED AIRLINES INC. v. HSBC BANK USA, N.A.

No. 04-4209, 04-4315, 04-4321.

416 F.3d 609 (2005)

UNITED AIRLINES, INC., Plaintiff-Appellant, v. HSBC BANK USA, N.A., as Trustee, and California Statewide Communities Development Authority, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided July 26, 2005.

Attorney(s) appearing for the Case

Harold L. Kaplan, Gardner, Carton & Douglas, Chicago, IL, Kirk D. Dillman, James O. Johnston (argued), Hennigan, Bennett & Dorman, Los Angeles, CA, for Appellees.

R. Dale Ginter, Jamie P. Dreher (argued), Downey Brand, Sacramento, CA, for Appellant.

James H.M. Sprayregen, Marc Kieselstein (argued), Kirkland & Ellis, Chicago, IL, for Debtor-Appellant.

William P. Smith, McDermott, Will & Emery, Chicago, IL, for Amicus Curiae, Bank of New York.

Douglas W. Jessop, Jessop & Co., Amicus Curiae, City of Denver.

Mark E. Abraham, Gould & Ratnet, Chicago, IL, for Amicus Curiae, U.S. Bank National Association.

David A. Golin, Gesas, Pilati, Gesas & Golin, Chicago, IL, for Amicus Curiae, Regional Airports Improvement Corp.

Charles P. Schulman, Sachnoff & Weaver, Chicago, IL, for Amicus Curiae, City of Los Angeles.

Before BAUER, EASTERBROOK, and MANION, Circuit Judges.

EASTERBROOK, Circuit Judge.

What is a "lease" in federal bankruptcy law? Businesses that do not pay up front for assets may acquire them via unsecured debt, secured debt, or lease; in each event the business pays over time. Similar economic function implies the ability to draft leases that work like security agreements, and secured loans that work like leases. Yet the Bankruptcy Code of 1978 distinguishes among these devices. A lessee must either assume the lease...

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