Page:United States Statutes at Large Volume 92 Part 2.djvu/1322

 92 STAT. 2602

PUBLIC LAW 95-598—NOV. 6, 1978 (c) The trustee is entitled to only a single satisfaction under subsection (a) of this section. (d)(1) A good faith transferee from whom the trustee may recover under subsection (a) of this section has a lien on the property recovered to secure the lesser of— (A) the cost, to such transferee, of any improvement made after the transfer, less the amount of any profit realized by such

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transferee from such property; and

"Improvement".

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11 USC 551.

11 USC 552.

Ante, p. 2572.

^ 11 USC 553. Ante, p. 2570.

Ante, p. 2579.

(B) any increase m value as a result of such improvement, of the property transferred. (2) In this subsection, "improvement" includes— (A) physical additions or changes to the property transferred; (B) repairs to such property; ^C) payment of any tax on such property; (D) payment of any debt secured by a lien on such property; (E) discharge of any lien against such property that is superior or equal to the rights of the trustee; and (F) preservation of such property. (e) An action or proceeding under this section may not be commenced after the earlier of— (1) one year after the avoidance of the transfer on account of which recovery under this section is sought; and (2) the time the case is closed or dismissed. § 551. Automatic preservation of avoided transfer Any transfer avoided under section 522, 544, 545, 547, 648, 549, or 724(a) of this title, or any lien void under section 506(d) of this title, is preserved for the benefit of the estate but only with respect to property of the estate. § 552. Postpetition effect of security interest (a) Except as provided in subsection (b) of this section, property acquired by the estate or by the debtor after the commencement of the case is not subject to any lien resulting from any security agreement entered into by the debtor before the commencement of the case. (b) Except as provided in sections 363, 506(c), 544, 545, 547, and 548 of this title, if the debtor and a secured party enter into a security agreement before the commencement of the case and if the security interest created by such security agreement extends to property of the debtor acquired before the commencement of the case and to proceeds, product, offspring, rents, or profits of such property, then such security interest extends to such proceeds, product, offspring, rents, or profits acquired by the estate after the commencement of the case to the extent provided by such security agreement and by applicable nonbankruptcy law, except to the extent that the court, after notice and a hearing and based on the equities of the case, orders otherwise. § 553. Setoff (a) Except as otherwise provided in this section and in sections 362 and 363 of this title, this title does not affect any right of a creditor to offset a mutual debt owing by such creditor to the debtor that arose before the commencement of the case under this title against a claim of such creditor against the debtor that arose before the commencement of the case, except to the extent that— (1) the claim of such creditor against the debtor is disallowed other than under section 502(b)(3) of this title; (2) such claim was transferred, by an entity other than the debtor, to such creditor—

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