Page:United States Statutes at Large Volume 124.djvu/1498

 124 STAT. 1472 PUBLIC LAW 111–203—JULY 21, 2010 was not authorized under this title by the Corporation as receiver. (D) RIGHT OF RECOVERY.—To the extent that a transfer is avoided under subparagraph (A), (B), or (C), the Corpora- tion may recover, for the benefit of the covered financial company, the property transferred or, if a court so orders, the value of such property (at the time of such transfer) from— (i) the initial transferee of such transfer or the person for whose benefit such transfer was made; or (ii) any immediate or mediate transferee of any such initial transferee. (E) RIGHTS OF TRANSFEREE OR OBLIGEE.—The Corpora- tion may not recover under subparagraph (D)(ii) from— (i) any transferee that takes for value, including in satisfaction of or to secure a present or antecedent debt, in good faith, and without knowledge of the voidability of the transfer avoided; or (ii) any immediate or mediate good faith transferee of such transferee. (F) DEFENSES.—Subject to the other provisions of this title— (i) a transferee or obligee from which the Corpora- tion seeks to recover a transfer or to avoid an obligation under subparagraph (A), (B), (C), or (D) shall have the same defenses available to a transferee or obligee from which a trustee seeks to recover a transfer or avoid an obligation under sections 547, 548, and 549 of the Bankruptcy Code; and (ii) the authority of the Corporation to recover a transfer or avoid an obligation shall be subject to subsections (b) and (c) of section 546, section 547(c), and section 548(c) of the Bankruptcy Code. (G) RIGHTS UNDER THIS SECTION.—The rights of the Corporation as receiver under this section shall be superior to any rights of a trustee or any other party (other than a Federal agency) under the Bankruptcy Code. (H) RULES OF CONSTRUCTION; DEFINITIONS.—For pur- poses of— (i) subparagraphs (A) and (B)— (I) the term ‘‘insider’’ has the same meaning as in section 101(31) of the Bankruptcy Code; (II) a transfer is made when such transfer is so perfected that a bona fide purchaser from the covered financial company against whom applicable law permits such transfer to be per- fected cannot acquire an interest in the property transferred that is superior to the interest in such property of the transferee, but if such transfer is not so perfected before the date on which the Corporation is appointed as receiver for the cov- ered financial company, such transfer is made immediately before the date of such appointment; and (III) the term ‘‘value’’ means property, or satis- faction or securing of a present or antecedent debt of the covered financial company, but does not