11 U.S.C. § 550 — Liability of transferee of avoided transfer

(a) Unless this section says otherwise, when a transfer^* is avoided under section 544, 545, 547, 548, 549, 553(b), or 724(a), the trustee may recover the transferred property for the estate—or, if the court orders, its value—from the initial transferee or the entity^* benefiting from the transfer, and from any immediate or later transferee of that initial transferee.
(b) The trustee may not recover under subsection (a)(2) from a transferee who took for value, including by satisfying or securing a present or earlier debt^*, in good faith and without knowing the transfer could be avoided, or from an immediate or later good-faith transferee of that transferee.
(c) If a transfer made 90 days to one year before the petition was filed is avoided under section 547(b) and benefited a creditor^* who was then an insider, the trustee may not recover under subsection (a) from a transferee that is not an insider.
(d) The trustee may receive only one satisfaction under subsection (a).
(e)(1) A good-faith transferee from whom recovery is allowed has a lien on recovered property securing the lesser of the transferee’s cost of improvements made after the transfer minus any profit from the property, or the increase in the property’s value caused by the improvement.
(e)(2) “Improvement” includes physical additions or changes, repairs, taxes paid on the property, debt paid that is secured by a lien superior or equal to the trustee’s rights, and preservation of the property.
(f) An action or proceeding must begin by the earlier of one year after the transfer was avoided or the time the case is closed or dismissed.