Page:United States Statutes at Large Volume 104 Part 6.djvu/573

 PUBLIC LAW 101-647—NOV. 29, 1990 104 STAT. 4963 interest in the asset that is superior to the interest of the transferee; and "(B) with respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire, otherwise than under this subchapter, a judicial lien that is superior to the interest of the transferee. "(2) If applicable law permits the transfer to be perfected as approved in paragraph (1) and the transfer is not so perfected before the commencement of an action or proceeding for relief under this subchapter, the transfer is deemed made immediately before the commencement of the action or proceeding. "(3) If applicable law does not permit the transfer to be perfected as provided in paragraph (1), the transfer is made when it becomes effective between the debtor and the transferee. "(4) A transfer is not made until the debtor has acquired rights in the asset transferred. "(5) An obligation is incurred— "(A) if oral, when it becomes effective between the parties; or "(B) if evidenced by a writing executed by the obligor, when such writing is delivered to or for the benefit of the obligee. "§ 3306. Remedies of the United States "(a) IN GENERAL.— In an action or proceeding under this subchapter for relief against a transfer or obligation, the United States, subject to section 3307 and to applicable principles of equity and in accordance with the Federal Rules of Civil Procedure, may obtain— "(1) avoidance of the transfer or obligation to the extent necessary to satisfy the debt to the United States; "(2) a remedy under this chapter against the asset transferred or other property of the transferee; or "(3) any other relief the circumstances may require. "(b) LIMITATION. — A claim for relief with respect to a fraudulent transfer or obligation under this subchapter is extinguished unless action is brought— "(1) under section 3304(b)(l)(A) within 6 years after the transfer was made or the obligation was incurred or, if later, within 2 years after the transfer or obligation was or could reasonably have been discovered by the claimant; "(2) under subsection (a)(1) or (b)(1)(B) of section 3304 within 6 years after the transfer was made or the obligation was incurred; or "(3) under section 3304(a)(2) within 2 years after the transfer was made or the obligation was incurred. "§ 3307. Defenses, liability, and protection of transferee "(a) GOOD FAITH TRANSFER.— A transfer or obligation is not voidable under section 3304(b) with respect to a person who took in good faith and for a reasonably equivalent value or against any transferee or obligee subsequent to such person. "(b) LIMITATION.— Except as provided in subsection (d), to the extent a transfer is voidable in an action or proceeding by the United States under section 3306(a)(l), the United States may recover judgment for the value of the asset transferred, but not to

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