§ 549. Postpetition transactions
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/usc/title-11/section-549A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Except as provided in subsection
(b)or
(c)of this section, the trustee may avoid a transfer of property of the estate—
(1)that occurs after the commencement of the case; and
(A)that is authorized only under section 303(f) or 542(c) of this title; or
(B)that is not authorized under this title or by the court.
(b)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.
(c)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.
(d)An action or proceeding under this section may not be commenced after the earlier of—
(1)two years after the date of the transfer sought to be avoided; or
(2)the time the case is closed or dismissed.
(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.)
Historical and Revision Notes
legislative statements
Section 549 of the House amendment has been redrafted in order to incorporate sections 342(b) and
(c)of the Senate amendment. Those sections have been consolidated and redrafted in section 549(c) of the House amendment. Section 549(d) of the House amendment adopts a provision contained in section 549(c) of the Senate amendment.
senate report no. 95–989
This section modifies section 70d of current law [section 110(d) of former title 11]. It permits the trustee to avoid transfers of property that occur after the commencement of the case. The transfer must either have been unauthorized, or authorized under a section that protects only the transferor. Subsection
(b)protects “involuntary gap” transferees to the extent of any value (including services, but not including satisfaction of a debt that arose before the commencement of the case), given after commencement in exchange for the transfer. Notice or knowledge of the transferee is irrelevant in determining whether he is protected under this provision.
Connections4 cite this · traces to 2
Cited by 4 sections
Traces to 2 documents
22 references not yet in our index
- Pub. L. 95–598
- 92 Stat. 2601
- Pub. L. 98–353, title III, § 464
- 98 Stat. 379
- Pub. L. 99–554, title II, § 283
- 100 Stat. 3117
- Pub. L. 103–394, title V, § 501(d)(18)
- 108 Stat. 4146
- Pub. L. 109–8, title XII, § 1214
- 119 Stat. 195
- Pub. L. 109–8
- Pub. L. 103–394
- Pub. L. 99–554
- Pub. L. 98–353, § 464(a)(1)
- Pub. L. 98–353
- Pub. L. 98–353, § 464
- Pub. L. 98–353, § 464(c)
- Pub. L. 98–353, § 464(d)
- section 1501 of Pub. L. 109–8
- section 702 of Pub. L. 103–394
- section 302(a) of Pub. L. 99–554
- section 552(a) of Pub. L. 98–353
Citation graph
cites case law
§ 549
Postpetition transactions
U.S.C.×2
Fed. Reg.×1
Stat.×1
Pub. L.Pub. L. 95–598
Stat.92 Stat. 2601
Pub. L.Pub. L. 98–353, title III, § 464
Stat.98 Stat. 379
Pub. L.Pub. L. 99–554, title II, § 283
Cites 24 · showing 7Cited by 4 across 3 sources