Page:United States Statutes at Large Volume 92 Part 2.djvu/1321

 PUBLIC LAW 95-598—NOV. 6, 1978

92 STAT. 2601

(B) a commodity broker or forward contract merchant that receives a margin payment, as defined in section 761(15) of this title, takes for value. § 549. Postpetition transactions 11 USC 549. (a) Except as provided in subsection (b) and (c) of this section, the trustee may avoid a transfer of property of the estate— (1) that occurs after the commencement of the case; and (2)(A) that is authorized under section 303(f) or 542(c) of Ante, p. 2559. this title; or (B) that is not authorized under this title or by the court, (b) I n an involuntary case, a transfer that occurs after the com- fti^si'?" I's? mencement of such case but before the order for relief is valid against the trustee to the extent of any value, including services, but not including satisfaction or securing of a debt that arose before the commencement of the case, given after the commencement of the case in exchange for such transfer, notwithstanding any notice or knowledge of the case that the transferee has. (c) The trustee may not avoid under subsection (a) o,f this section a transfer, to a good faith purchaser without knowledge of the commencement of the case and for present fair equivalent value or to a purchaser at a judicial sa^e, of real property located other than in the county in which the case is commenced, unless a copy of the petition was filed in the office where conveyances of real property in such county are recorded befoie such transfer was so far perfected that a •. ••bona fide purchaser of such property against whom applicable law permits such transfer to be perfected cannot acquire an interest that is superior to the interest of such good faith or judicial sale purchaser. A good faith purchaser, without knowledge of the commencement of , the case and for less than present fair equivalent value, of real property located other than in the county in which the case is commenced, under a transfer that the trustee may avoid under this section, has a lien on the property transferred to the extent of any present value given, unless a copy of the petition was so filed before such transfer was so perfected. (d) A n action or proceeding under this section may not be com• '». - -i;? menced after the earlier of— (1) two years after the date of the transfer sought to be avoided; and (2) the time the case is closed or dismissed. § 550. Liability of transferee of avoided transfer 11 USC 550. (a) Except as otherwise provided in this section, to the extent that a transfer is avoided under section 544, 545, 547, 548, 549, or 724(a) of this title, the trustee may recover, for the benefit of the estate, the property transferred, or, if the court so orders, the value of such property, from— (1) the initial transferee of such transfer or the entity for whose benefit such transfer was m a d e; or ' r -. l (2) any immediate or mediate transferee of such initial transferee. (b) The trustee may not recover under section (a)(2) of this section from— (1) a transferee that takes for value, including satisfaction or securing of a present or antecedent debt, in good faith, and without knowledge of the voidability of the transfer avoided; or ^ ' (2) any immediate or mediate good faith transferee of such transferee.
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