98–353, § 463(b), inserted “or may retain” after “lien on” and struck out “, may retain any lien transferred,” before “or may enforce any obligation incurred”. 98–353, § 463(a)(3), inserted “or a transaction” after “engaged in business”. 98–353, § 463(a)(1), substituted “if the debtor voluntarily or involuntarily” for “if the debtor” in provisions preceding par. 99–554 substituted “, financial institution” for “financial institution,”.ġ984-Subsec. (1)(B)(ii)(I) to (III), respectively, and added par. (1)(B)(i) and (ii), respectively, and redesignated former par. (1)(A) and (B), respectively, redesignated former par. 105–183, § 3(a), designated existing provisions as par. 109–8, § 907(o)(6), inserted “or financial participant” after “swap participant”. 109–8, § 907(o)(5), inserted “or financial participant” after “repo participant”. 109–8, § 907(o)(4), inserted “financial participant,” after “financial institution,”. 109–8, § 1402(1), substituted “2 years” for “one year” in introductory provisions. 109–8, § 1402(2), in introductory provisions, inserted “(including any transfer to or for the benefit of an insider under an employment contract)” after “avoid any transfer” and “(including any obligation to or for the benefit of an insider under an employment contract)” after “or any obligation”. Subsection (d) also defines “ value” to mean property, or the satisfaction or securing of a present or antecedent debt, but does not include an unperformed promise to furnish support to the debtor or a relative of the debtor.Ģ005-Subsec. If not made before the commencement of the case, it is considered made immediately before then. Subsection (d) specifies that for the purposes of fraudulent transfer section, a transfer is made when it is valid against a subsequent bona fide purchaser. If a transferee’s only liability to the trustee is under this section, and if he takes for value and in good faith, then subsection (c) grants him a lien on the property transferred, or other similar protection. The trustee of a partnership debtor may avoid any transfer of partnership property to a partner in the debtor if the debtor was or thereby became insolvent. Transfers made for less than a reasonably equivalent consideration are also vulnerable if the debtor was or thereby becomes insolvent, was engaged in business with an unreasonably small capital, or intended to incur debts that would be beyond his ability to repay.
The trustee may avoid fraudulent transfers or obligations if made with actual intent to hinder, delay, or defraud a past or future creditor. Its history dates from the statute of 13 Eliz. It permits the trustee to avoid transfers by the debtor in fraud of his creditors.
This section is derived in large part from section 67d of the Bankruptcy Act.
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