Page:United States Statutes at Large Volume 92 Part 2.djvu/1317

 PUBLIC LAW 95-598—NOV. 6, 1978

92 STAT. 2597

§ 545. Statutory liens The trustee may avoid the fixing of a statutory lien on property of the debtor to the extent that such lien— (1) first becomes effective against the debtor— (A) when a case under this title concerning the debtor is is commenced; (B) when an insolvency proceeding other than under this title concerning the debtor is commenced; (C) when a custodian is apponted or takes possession; (D) when the debtor becomes insolvent; (E) when the debtor's financial condition fails to meet a specified standard; or (F) at the time of an execution against property of the '' debtor levied at the instance of an entity other than the holder of such statutory lien; (2) is not perfected or enforceable on the date of the filing of the petition against a bona fide purchaser that purchases such property on the date of the filing of the petition, whether or not such a purchaser exists; (3) IS for rent; or (4) is a lien of distress for rent. § 546. Limitations on avoiding powers (a) An action or proceeding under section 544, 545, 547, 548, or 553 of this title may not be commenced after the earlier of— (1) two years after the appointment of a trustee under section 702, 1104, 1163, or 1302 of this title; and (2) the time the case is closed or dismissed. (b) The rights and powers of the trustee under section 544, 545, or 549 of this title are subject to any generally applicable law that permits perfection of an interest in property to be effective against an entity that acquires rights in such property before the date of such perfection. If such law requires seizure of such property or commencement of an action to accomplish such perfection, and such property has not been seized or such action has not been commenced before the date of the filing of the petition, such interest in such property shall be perfected by notice within the time fixed by such law for such seizure or commencement. (c) The rights and powers of the trustee under sections 544(a), 545, 547, and 549 of this title are subject to any statutory right or commonlaw right of a seller, in the ordinary course of such seller's business, of goods to the debtor to reclaim such goods if the debtor has received such goods while insolvent, but— (1) such a seller may not reclaim any such goods unless such seller demands in writing reclamation of such goods before ten days after receipt of such goods by the debtor; and (2) the court may deny reclamation to a seller with such a right of reclamation that has made such a demand only if court— (A) grants the claim of such a seller priority as an administrative expense; or (B) secures such claim by a lien. § 547. Preferences (a) I n this section— (1) "inventory" means personal property leased or furnished, held for sale or lease, or to be furnished under a contract for

H USC 545.

11 USC 546.

Post, pp. 2627, 2641, 2645.

11 USC 547. Definitions.

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