Page:United States Statutes at Large Volume 98 Part 1.djvu/427

 PUBLIC LAW 98-353—JULY 10, 1984

98 STAT. 379

(2) in paragraph (1), by striking out "occurred" and inserting in lieu thereof "was made"; and (3) in paragraph (2)(B)(ii), by inserting "or a transaction" after "engaged in business". (b) Section 548(c) of title 11 of the United States Code is amended byCD inserting "or may retain" after "lien on"; and (2) striking out ", may retain any lien transferred,". (c)(1) Section 548(d)(l) of title 11 of the United States Code is amended by— (A) striking out "becomes so far" and inserting in lieu thereof IS SO;

(B) striking out "such transfer could have been" and inserting in lieu thereof "applicable law permits such transfer to be"; and (C) striking out "occurs" and inserting in lieu thereof "is made". (2) Section 548(d)(2)(B) of title 11 is amended by inserting "financial institution," after "stockbroker". SEC. 464. (a) Section 549(a) of title 11 of the United States Code is amended— (1) by striking out "(b) and (c)" and inserting in lieu thereof "(b) or (c)"; and (2) in paragraph (2)(A), by inserting "only" after "authorized". (3) striking out "that occurs" and inserting in lieu thereof "made"; (4) striking out "is valid against the trustee to the extent o f and inserting in lieu thereof to the extent"; and (5) inserting "is" before "given". (c) Section 549(c) of title 11 of the United States Code is amended Real property. to read as follows: "(c) The trustee may not avoid under subsection (a) of this section a transfer of real property to a good faith purchaser without knowledge of the commencement of the case and for present fair equivalent value unless a copy or notice of the petition was filed, where a B- :? t i; transfer of such real property may be recorded to perfect such transfer, before such transfer is so perfected that a bona fide purchaser of such property, against whom applicable law permits such transfer to be perfected, could not acquire an interest that is superior to the interest of such good faith purchaser. A good faith purchaser without knowledge of the commencement of the case and for less than present fair equivalent value has a lien on the property transferred to the extent of any present value given, unless a copy or notice of the petition was so filed before such transfer was so perfected.". (d) Section 549(d)(l) of title 11 of the United States Code is amended by striking out "and" and inserting in lieu thereof "or". SEC. 465. (a) Section 550(a) of title 11 of the United States Code is amended by striking out "549, or 724(a) of this title" and inserting in lieu thereof "549, 553(b), or 724(a) of this title". (b) Section 550(d) of title 11 of the United States Code is amended— (1) in paragraph (I)(A), by inserting "or accruing to" after "by"; (2) in paragraph (I)(B), by striking out "value" and inserting in lieu thereof "the value of such property"; (3) in paragraph (2), by striking out subparagraphs (D) and (E) and inserting in lieu thereof the following:

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