Page:United States Statutes at Large Volume 104 Part 6.djvu/574

 104 STAT. 4964 PUBLIC LAW 101-647—NOV. 29, 1990 exceed the judgment on a debt. The judgment may be entered against— "(1) the first transferee of the asset or the person for whose benefit the transfer was made; or "(2) any subsequent transferee, other than a good faith transferee who took for value or any subsequent transferee of such good-faith transferee. "(c) VALUE OF ASSET.—For purposes of subsection (b), the value of the asset is the value of the asset at the time of the transfer, subject to adjustment as the equities may require. "(d) RIGHTS OF GOOD FAITH TRANSFEREES AND OBLIGEES.— Notwithstanding voidability of a transfer or an obligation under this subchapter, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to— "(1) a lien on or a right to retain any interest in the asset transferred; "(2) enforcement of any obligation incurred; or "(3) a reduction in the amount of the liability on the judgment. "(e) EXCEPTIONS.— A transfer is not voidable under section 3304(a) or section 3304(b)(2) if the transfer results from— "(1) termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law; or "(2) enforcement of a security interest in compliance with article 9 of the Uniform Commercial Code or its equivalent in effect in the State where the property is located. "(f) LIMITATION OF VOIDABILITY. —A transfer is not voidable under section 3304(a)(2)— "(1) to the extent the insider gives new value to or for the benefit of the debtor after the transfer is made unless the new value is secured by a valid lien; "(2) if made in the ordinary course of business or financial affairs of the debtor and the insider; or "(3) if made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured both present value given for that purpose and an antecedent debt of the debtor. "§ 3308. Supplementary provision "Except as provided in this subchapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause shall apply to actions and proceedings under this subchapter.". Sec. 3302. The table of chapters for part VI of title 28, United States Code, is amended by adding at the end the following: " 176. Federal Debt Collection Procedures". Subtitle B—Amendments to Other Provisions of Law SEC. 3621. Section 523(a)(8) of title 11, United States Code, is amended— (1) by striking "for an educational" and all that follows through "unless, and inserting the following: "for an educational benefit overpayment or loan made, insured or guaran-

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