11 U.S.C. § 549 — Postpetition transactions
submitted 48 years ago by Pub. L. 95-598 to r/title-11-BANKRUPTCY · 338 words · no verdicts yet
This section lets a bankruptcy trustee avoid certain postpetition transfers of estate property, subject to protections for specified value-giving parties and good-faith purchasers. It sets deadlines for bringing an action.
(a) Unless subsection (b) or (c) applies, the trustee may avoid a transfer* of estate property made after the case began if it is authorized only under section 303(f) or 542(c), or is not authorized by this title or by the court.
(b) In an involuntary case, the trustee may not avoid under subsection (a) a transfer made after the case began but before the order for relief, to the extent that value, including services but not payment or securing of a debt* arising before the case began, was given after the case began in exchange for the transfer. This protection applies even if the recipient knew about the case.
(c) The trustee may not avoid under subsection (a) a real-property interest transferred to a good-faith purchaser who lacked knowledge that the case began and paid the present fair equivalent value, unless a copy or notice of the petition was filed where the transfer could be recorded before the transfer was perfected against a later bona fide purchaser who could otherwise obtain a superior interest. A good-faith purchaser without that knowledge who paid less than the present fair equivalent value has a lien on the property up to the present value given, unless the petition copy or notice was filed before the transfer was perfected.
(d) An action or proceeding under this section must begin by the earlier of two years after the transfer or the time the case is closed or dismissed.
Except as provided in subsection (b) or (c) of this section, the trustee may avoid a transfer* of property of the estate—
that occurs after the commencement of the case; and
that is authorized only under section 303(f) or 542(c) of this title; or
that is not authorized under this title or by the court.
In an involuntary case, the trustee may not avoid under subsection (a) of this section a transfer made after the commencement of such case but before the order for relief to the extent any value, including services, but not including satisfaction or securing of a debt* that arose before the commencement of the case, is given after the commencement of the case in exchange for such transfer, notwithstanding any notice or knowledge of the case that the transferee has.
The trustee may not avoid under subsection (a) of this section a transfer of an interest in 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 transfer of an interest in such real property may be recorded to perfect such transfer, before such transfer is so perfected that a bona fide purchaser of such real property, against whom applicable law permits such transfer to be perfected, could not acquire an interest that is superior to such 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.
An action or proceeding under this section may not be commenced after the earlier of—
two years after the date of the transfer sought to be avoided; or
the time the case is closed or dismissed.
Source credit: (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2601; Pub. L. 98–353, title III, § 464, July 10, 1984, 98 Stat. 379; Pub. L. 99–554, title II, § 283(o), Oct. 27, 1986, 100 Stat. 3117; Pub. L. 103–394, title V, § 501(d)(18), Oct. 22, 1994, 108 Stat. 4146; Pub. L. 109–8, title XII, § 1214, Apr. 20, 2005, 119 Stat. 195.)
- 1978Enacted · Pub. L. 95-598 · 92 Stat. 2601
- 1984Amended · Pub. L. 98-353 · 98 Stat. 379
- 1986Amended · Pub. L. 99-554 · 100 Stat. 3117
- 1994Amended · Pub. L. 103-394 · 108 Stat. 4146
- 2005Amended · Pub. L. 109-8 · 119 Stat. 195
A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-598 on 1978-11-06.
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