Featured in the Journal’s “On the Edge” column, the article focuses on how courts have struggled to determine whether an entity is a “business trust” that is eligible to be a “debtor” under the Bankruptcy Code-the crux of which arises from the Code’s failure to define what a business trust is within the context of bankruptcy. Katherine and Ryan provide a history of business trusts in the bankruptcy code; examine the split of authority that exists as to which law governs: the law of the jurisdiction in which the trust resides, or federal common law; and offer insights into how a recent Delaware Bankruptcy Court decision regarding an offshore real estate investment trust may become the new standard. View the article.