Actually, it's the Uniform Commericial Code that dictates the framework for business law. But, you are right: There is enough case law on the books to fill several libraries concerning unsecured and secured creditors, bondholders, validity of clauses/terms, you name it. Precedence is already within 360 FULL degrees of sight.
I can not believe that we throw out the lawbooks, conclusions of all previous cases, & then follow the pipers' bad tune.