(a) An action or proceeding under section 544, 545, 547, 548, or 553 of this title may not be commenced after the earlier of—
(1) the later of—
(A) 2 years after the entry of the order for relief; or
(B) 1 year after the appointment or election of the first trustee under section 702, 1104, 1163, 1202, or 1302 of this title if such appointment or such election occurs before the expiration of the period specified in subparagraph (A); or
(2) the time the case is closed or dismissed.
(b)
(1) The rights and powers of a trustee under sections 544, 545, and 549 of this title are subject to any generally applicable law that—
(A) permits perfection of an interest in property to be effective against an entity that acquires rights in such property before the date of perfection; or
(B) provides for the maintenance or continuation of perfection of an interest in property to be effective against an entity that acquires rights in such property before the date on which action is taken to effect such maintenance or continuation.
(2) If—
(A) a law described in paragraph (1) requires seizure of such property or commencement of an action to accomplish such perfection, or maintenance or continuation of perfection of an interest in property; and
(B) such property has not been seized or such an action has not been commenced before the date of the filing of the petition;
such interest in such property shall be perfected, or perfection of such interest shall be maintained or continued, by giving notice within the time fixed by such law for such seizure or such commencement.
(c)
(1) Except as provided in subsection (d) of this section and in section 507 (c), and subject to the prior rights of a holder of a security interest in such goods or the proceeds thereof, the rights and powers of the trustee under sections 544 (a), 545, 547, and 549 are subject to the right of a seller of goods that has sold goods to the debtor, in the ordinary course of such seller’s business, to reclaim such goods if the debtor has received such goods while insolvent, within 45 days before the date of the commencement of a case under this title, but such seller may not reclaim such goods unless such seller demands in writing reclamation of such goods—
(A) not later than 45 days after the date of receipt of such goods by the debtor; or
(B) not later than 20 days after the date of commencement of the case, if the 45-day period expires after the commencement of the case.
(2) If a seller of goods fails to provide notice in the manner described in paragraph (1), the seller still may assert the rights contained in section 503 (b)(9).
(d) In the case of a seller who is a producer of grain sold to a grain storage facility, owned or operated by the debtor, in the ordinary course of such seller’s business (as such terms are defined in section 557 of this title) or in the case of a United States fisherman who has caught fish sold to a fish processing facility owned or operated by the debtor in the ordinary course of such fisherman’s business, the rights and powers of the trustee under sections 544 (a), 545, 547, and 549 of this title are subject to any statutory or common law right of such producer or fisherman to reclaim such grain or fish if the debtor has received such grain or fish while insolvent, but—
(1) such producer or fisherman may not reclaim any grain or fish unless such producer or fisherman demands, in writing, reclamation of such grain or fish before ten days after receipt thereof by the debtor; and
(2) the court may deny reclamation to such a producer or fisherman with a right of reclamation that has made such a demand only if the court secures such claim by a lien.
(e) Notwithstanding sections 544, 545, 547, 548 (a)(1)(B), and 548 (b) of this title, the trustee may not avoid a transfer that is a margin payment, as defined in section 101, 741, or 761 of this title, or settlement payment, as defined in section 101 or 741 of this title, made by or to (or for the benefit of) a commodity broker, forward contract merchant, stockbroker, financial institution, financial participant, or securities clearing agency, or that is a transfer made by or to (or for the benefit of) a commodity broker, forward contract merchant, stockbroker, financial institution, financial participant, or securities clearing agency, in connection with a securities contract, as defined in section 741 (7), commodity contract, as defined in section 761 (4), or forward contract, that is made before the commencement of the case, except under section 548 (a)(1)(A) of this title.
(f) Notwithstanding sections 544, 545, 547, 548 (a)(1)(B), and 548 (b) of this title, the trustee may not avoid a transfer made by or to (or for the benefit of) a repo participant or financial participant, in connection with a repurchase agreement and that is made before the commencement of the case, except under section 548 (a)(1)(A) of this title.
(g) Notwithstanding sections 544, 545, 547, 548 (a)(1)(B) and 548 (b) of this title, the trustee may not avoid a transfer, made by or to (or for the benefit of) a swap participant or financial participant, under or in connection with any swap agreement and that is made before the commencement of the case, except under section 548 (a)(1)(A) of this title.
(h) Notwithstanding the rights and powers of a trustee under sections 544 (a), 545, 547, 549, and 553, if the court determines on a motion by the trustee made not later than 120 days after the date of the order for relief in a case under chapter 11 of this title and after notice and a hearing, that a return is in the best interests of the estate, the debtor, with the consent of a creditor and subject to the prior rights of holders of security interests in such goods or the proceeds of such goods, may return goods shipped to the debtor by the creditor before the commencement of the case, and the creditor may offset the purchase price of such goods against any claim of the creditor against the debtor that arose before the commencement of the case.
(i)
(1) Notwithstanding paragraphs (2) and (3) of section 545, the trustee may not avoid a warehouseman’s lien for storage, transportation, or other costs incidental to the storage and handling of goods.
(2) The prohibition under paragraph (1) shall be applied in a manner consistent with any State statute applicable to such lien that is similar to section 7–209 of the Uniform Commercial Code, as in effect on the date of enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, or any successor to such section 7–209.
(j) Notwithstanding sections 544, 545, 547, 548 (a)(1)(B), and 548 (b) the trustee may not avoid a transfer made by or to (or for the benefit of) a master netting agreement participant under or in connection with any master netting agreement or any individual contract covered thereby that is made before the commencement of the case, except under section 548 (a)(1)(A) and except to the extent that the trustee could otherwise avoid such a transfer made under an individual contract covered by such master netting agreement.
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- USC : Title 11 – BANKRUPTCY
- 11 USC Chapter 01 – GENERAL PROVISIONS
- 11 USC § 101 – Definitions
- 11 USC § 102 – Rules of construction
- 11 USC § 103 – Applicability of chapters
- 11 USC § 104 – Adjustment of dollar amounts
- 11 USC § 105 – Power of court
- 11 USC § 106 – Waiver of sovereign immunity
- 11 USC § 107 – Public access to papers
- 11 USC § 109 – Who may be a debtor
- 11 USC § 110 – Penalty for persons who negligently or fraudulently prepare bankruptcy petitions
- 11 USC § 111 – Nonprofit budget and credit counseling agencies; financial management instructional courses
- 11 USC § 112 – Prohibition on disclosure of name of minor children
- 11 USC Chapter 03 – CASE ADMINISTRATION
- 11 USC Chapter 3, Subchapter I – COMMENCEMENT OF A CASE
- 11 USC Chapter 3, Subchapter II – OFFICERS
- 11 USC § 321 – Eligibility to serve as trustee
- 11 USC § 322 – Qualification of trustee
- 11 USC § 323 – Role and capacity of trustee
- 11 USC § 324 – Removal of trustee or examiner
- 11 USC § 325 – Effect of vacancy
- 11 USC § 326 – Limitation on compensation of trustee
- 11 USC § 327 – Employment of professional persons
- 11 USC § 328 – Limitation on compensation of professional persons
- 11 USC § 329 – Debtor’s transactions with attorneys
- 11 USC § 330 – Compensation of officers
- 11 USC § 331 – Interim compensation
- 11 USC § 332 – Consumer privacy ombudsman
- 11 USC § 333 – Appointment of patient care ombudsman
- 11 USC Chapter 3, Subchapter III – ADMINISTRATION
- 11 USC § 341 – Meetings of creditors and equity security holders
- 11 USC § 342 – Notice
- 11 USC § 343 – Examination of the debtor
- 11 USC § 344 – Self-incrimination; immunity
- 11 USC § 345 – Money of estates
- 11 USC § 346 – Special provisions related to the treatment of State and local taxes
- 11 USC § 347 – Unclaimed property
- 11 USC § 348 – Effect of conversion
- 11 USC § 349 – Effect of dismissal
- 11 USC § 350 – Closing and reopening cases
- 11 USC § 351 – Disposal of patient records
- 11 USC Chapter 3, Subchapter IV – ADMINISTRATIVE POWERS
- 11 USC Chapter 05 – CREDITORS, THE DEBTOR, AND THE ESTATE
- 11 USC Chapter 5, Subchapter I – CREDITORS AND CLAIMS
- 11 USC § 501 – Filing of proofs of claims or interests
- 11 USC § 502 – Allowance of claims or interests
- 11 USC § 503 – Allowance of administrative expenses
- 11 USC § 504 – Sharing of compensation
- 11 USC § 505 – Determination of tax liability
- 11 USC § 506 – Determination of secured status
- 11 USC § 507 – Priorities
- 11 USC § 508 – Effect of distribution other than under this title
- 11 USC § 509 – Claims of codebtors
- 11 USC § 510 – Subordination
- 11 USC § 511 – Rate of interest on tax claims
- 11 USC Chapter 5, Subchapter II – DEBTOR’S DUTIES AND BENEFITS
- 11 USC § 521 – Debtor’s duties
- 11 USC § 522 – Exemptions
- 11 USC § 523 – Exceptions to discharge
- 11 USC § 524 – Effect of discharge
- 11 USC § 525 – Protection against discriminatory treatment
- 11 USC § 526 – Restrictions on debt relief agencies
- 11 USC § 527 – Disclosures
- 11 USC § 528 – Requirements for debt relief agencies
- 11 USC Chapter 5, Subchapter III – THE ESTATE
- 11 USC § 541 – Property of the estate
- 11 USC § 542 – Turnover of property to the estate
- 11 USC § 543 – Turnover of property by a custodian
- 11 USC § 544 – Trustee as lien creditor and as successor to certain creditors and purchasers
- 11 USC § 545 – Statutory liens
- 11 USC § 546 – Limitations on avoiding powers
- 11 USC § 547 – Preferences
- 11 USC § 548 – Fraudulent transfers and obligations
- 11 USC § 549 – Postpetition transactions
- 11 USC § 550 – Liability of transferee of avoided transfer
- 11 USC § 551 – Automatic preservation of avoided transfer
- 11 USC § 552 – Postpetition effect of security interest
- 11 USC § 553 – Setoff
- 11 USC § 554 – Abandonment of property of the estate
- 11 USC § 555 – Contractual right to liquidate, terminate, or accelerate a securities contract
- 11 USC § 556 – Contractual right to liquidate, terminate, or accelerate a commodities contract or forward contract
- 11 USC § 557 – Expedited determination of interests in, and abandonment or other disposition of grain assets
- 11 USC § 558 – Defenses of the estate
- 11 USC § 559 – Contractual right to liquidate, terminate, or accelerate a repurchase agreement
- 11 USC § 560 – Contractual right to liquidate, terminate, or accelerate a swap agreement
- 11 USC § 561 – Contractual right to terminate, liquidate, accelerate, or offset under a master netting agreement and across contracts; proceedings under chapter 15
- 11 USC § 562 – Timing of damage measurement in connection with swap agreements, securities contracts, forward contracts, commodity contracts, repurchase agreements, and master netting agreements
- 11 USC Chapter 5, Subchapter I – CREDITORS AND CLAIMS
- 11 USC Chapter 07 – LIQUIDATION
- 11 USC Chapter 7, Subchapter I – OFFICERS AND ADMINISTRATION
- 11 USC Chapter 7, Subchapter II – COLLECTION, LIQUIDATION, AND DISTRIBUTION OF THE ESTATE
- 11 USC § 721 – Authorization to operate business
- 11 USC § 722 – Redemption
- 11 USC § 723 – Rights of partnership trustee against general partners
- 11 USC § 724 – Treatment of certain liens
- 11 USC § 725 – Disposition of certain property
- 11 USC § 726 – Distribution of property of the estate
- 11 USC § 727 – Discharge
- 11 USC Chapter 7, Subchapter III – STOCKBROKER LIQUIDATION
- 11 USC § 741 – Definitions for this subchapter
- 11 USC § 742 – Effect of
- 11 USC § 743 – Notice
- 11 USC § 744 – Executory contracts
- 11 USC § 745 – Treatment of accounts
- 11 USC § 746 – Extent of customer claims
- 11 USC § 747 – Subordination of certain customer claims
- 11 USC § 748 – Reduction of securities to money
- 11 USC § 749 – Voidable transfers
- 11 USC § 750 – Distribution of securities
- 11 USC § 751 – Customer name securities
- 11 USC § 752 – Customer property
- 11 USC § 753 – Stockbroker liquidation and forward contract merchants, commodity brokers, stockbrokers, financial institutions, financial participants, securities clearing agencies, swap participants, repo participants, and master netting agreement participants
- 11 USC Chapter 7, Subchapter IV – COMMODITY BROKER LIQUIDATION
- 11 USC § 761 – Definitions for this subchapter
- 11 USC § 762 – Notice to the Commission and right to be heard
- 11 USC § 763 – Treatment of accounts
- 11 USC § 764 – Voidable transfers
- 11 USC § 765 – Customer instructions
- 11 USC § 766 – Treatment of customer property
- 11 USC § 767 – Commodity broker liquidation and forward contract merchants, commodity brokers, stockbrokers, financial institutions, financial participants, securities clearing agencies, swap participants, repo participants, and master netting agreement participants
- 11 USC Chapter 7, Subchapter V – CLEARING BANK LIQUIDATION
- 11 USC Chapter 09 – ADJUSTMENT OF DEBTS OF A MUNICIPALITY
- 11 USC Chapter 9, Subchapter I – GENERAL PROVISIONS
- 11 USC Chapter 9, Subchapter II – ADMINISTRATION
- 11 USC § 921 – Petition and proceedings relating to petition
- 11 USC § 922 – Automatic stay of enforcement of claims against the debtor
- 11 USC § 923 – Notice
- 11 USC § 924 – List of creditors
- 11 USC § 925 – Effect of list of claims
- 11 USC § 926 – Avoiding powers
- 11 USC § 927 – Limitation on recourse
- 11 USC § 928 – Post petition effect of security interest
- 11 USC § 929 – Municipal leases
- 11 USC § 930 – Dismissal
- 11 USC Chapter 9, Subchapter III – THE PLAN
- 11 USC Chapter 11 – REORGANIZATION
- 11 USC Chapter 11, Subchapter I – OFFICERS AND ADMINISTRATION
- 11 USC § 1101 – Definitions for this chapter
- 11 USC § 1102 – Creditors’ and equity security holders’ committees
- 11 USC § 1103 – Powers and duties of committees
- 11 USC § 1104 – Appointment of trustee or examiner
- 11 USC § 1105 – Termination of trustee’s appointment
- 11 USC § 1106 – Duties of trustee and examiner
- 11 USC § 1107 – Rights, powers, and duties of debtor in possession
- 11 USC § 1108 – Authorization to operate business
- 11 USC § 1109 – Right to be heard
- 11 USC § 1110 – Aircraft equipment and vessels
- 11 USC § 1111 – Claims and interests
- 11 USC § 1112 – Conversion or dismissal
- 11 USC § 1113 – Rejection of collective bargaining agreements
- 11 USC § 1114 – Payment of insurance benefits to retired employees
- 11 USC § 1115 – Property of the estate
- 11 USC § 1116 – Duties of trustee or debtor in possession in small business cases
- 11 USC Chapter 11, Subchapter II – THE PLAN
- 11 USC § 1121 – Who may file a plan
- 11 USC § 1122 – Classification of claims or interests
- 11 USC § 1123 – Contents of plan
- 11 USC § 1124 – Impairment of claims or interests
- 11 USC § 1125 – Postpetition disclosure and solicitation
- 11 USC § 1126 – Acceptance of plan
- 11 USC § 1127 – Modification of plan
- 11 USC § 1128 – Confirmation hearing
- 11 USC § 1129 – Confirmation of plan
- 11 USC Chapter 11, Subchapter III – POSTCONFIRMATION MATTERS
- 11 USC Chapter 11, Subchapter IV – RAILROAD REORGANIZATION
- 11 USC § 1161 – Inapplicability of other sections
- 11 USC § 1162 – Definition
- 11 USC § 1163 – Appointment of trustee
- 11 USC § 1164 – Right to be heard
- 11 USC § 1165 – Protection of the public interest
- 11 USC § 1166 – Effect of
- 11 USC § 1167 – Collective bargaining agreements
- 11 USC § 1168 – Rolling stock equipment
- 11 USC § 1169 – Effect of rejection of lease of railroad line
- 11 USC § 1170 – Abandonment of railroad line
- 11 USC § 1171 – Priority claims
- 11 USC § 1172 – Contents of plan
- 11 USC § 1173 – Confirmation of plan
- 11 USC § 1174 – Liquidation
- 11 USC Chapter 11, Subchapter I – OFFICERS AND ADMINISTRATION
- 11 USC Chapter 12 – ADJUSTMENT OF DEBTS OF A FAMILY FARMER OR FISHERMAN WITH REGULAR ANNUAL INCOME
- 11 USC Chapter 12, Subchapter I – OFFICERS, ADMINISTRATION, AND THE ESTATE
- 11 USC § 1201 – Stay of action against codebtor
- 11 USC § 1202 – Trustee
- 11 USC § 1203 – Rights and powers of debtor
- 11 USC § 1204 – Removal of debtor as debtor in possession
- 11 USC § 1205 – Adequate protection
- 11 USC § 1206 – Sales free of interests
- 11 USC § 1207 – Property of the estate
- 11 USC § 1208 – Conversion or dismissal
- 11 USC Chapter 12, Subchapter II – THE PLAN
- 11 USC § 1221 – Filing of plan
- 11 USC § 1222 – Contents of plan
- 11 USC § 1223 – Modification of plan before confirmation
- 11 USC § 1224 – Confirmation hearing
- 11 USC § 1225 – Confirmation of plan
- 11 USC § 1226 – Payments
- 11 USC § 1227 – Effect of confirmation
- 11 USC § 1228 – Discharge
- 11 USC § 1229 – Modification of plan after confirmation
- 11 USC § 1230 – Revocation of an order of confirmation
- 11 USC § 1231 – Special tax provisions
- 11 USC Chapter 12, Subchapter I – OFFICERS, ADMINISTRATION, AND THE ESTATE
- 11 USC Chapter 13 – ADJUSTMENT OF DEBTS OF AN INDIVIDUAL WITH REGULAR INCOME
- 11 USC Chapter 13, Subchapter I – OFFICERS, ADMINISTRATION, AND THE ESTATE
- 11 USC § 1301 – Stay of action against codebtor
- 11 USC § 1302 – Trustee
- 11 USC § 1303 – Rights and powers of debtor
- 11 USC § 1304 – Debtor engaged in business
- 11 USC § 1305 – Filing and allowance of postpetition claims
- 11 USC § 1306 – Property of the estate
- 11 USC § 1307 – Conversion or dismissal
- 11 USC § 1308 – Filing of prepetition tax returns
- 11 USC Chapter 13, Subchapter II – THE PLAN
- 11 USC § 1321 – Filing of plan
- 11 USC § 1322 – Contents of plan
- 11 USC § 1323 – Modification of plan before confirmation
- 11 USC § 1324 – Confirmation hearing
- 11 USC § 1325 – Confirmation of plan
- 11 USC § 1326 – Payments
- 11 USC § 1327 – Effect of confirmation
- 11 USC § 1328 – Discharge
- 11 USC § 1329 – Modification of plan after confirmation
- 11 USC § 1330 – Revocation of an order of confirmation
- 11 USC Chapter 13, Subchapter I – OFFICERS, ADMINISTRATION, AND THE ESTATE
- 11 USC Chapter 15 – ANCILLARY AND OTHER CROSS-BORDER CASES
- 11 USC § 1501 – Purpose and scope of application
- 11 USC Chapter 15, Subchapter I – GENERAL PROVISIONS
- 11 USC Chapter 15, Subchapter II – ACCESS OF FOREIGN REPRESENTATIVES AND CREDITORS TO THE COURT
- 11 USC § 1509 – Right of direct access
- 11 USC § 1510 – Limited jurisdiction
- 11 USC § 1511 – Commencement of case under section 301, 302, or 303
- 11 USC § 1512 – Participation of a foreign representative in a case under this title
- 11 USC § 1513 – Access of foreign creditors to a case under this title
- 11 USC § 1514 – Notification to foreign creditors concerning a case under this title
- 11 USC Chapter 15, Subchapter III – RECOGNITION OF A FOREIGN PROCEEDING AND RELIEF
- 11 USC § 1515 – Application for recognition
- 11 USC § 1516 – Presumptions concerning recognition
- 11 USC § 1517 – Order granting recognition
- 11 USC § 1518 – Subsequent information
- 11 USC § 1519 – Relief that may be granted upon filing petition for recognition
- 11 USC § 1520 – Effects of recognition of a foreign main proceeding
- 11 USC § 1521 – Relief that may be granted upon recognition
- 11 USC § 1522 – Protection of creditors and other interested persons
- 11 USC § 1523 – Actions to avoid acts detrimental to creditors
- 11 USC § 1524 – Intervention by a foreign representative
- 11 USC Chapter 15, Subchapter IV – COOPERATION WITH FOREIGN COURTS AND FOREIGN REPRESENTATIVES
- 11 USC Chapter 15, Subchapter V – CONCURRENT PROCEEDINGS
- 11 USC § 1528 – Commencement of a case under this title after recognition of a foreign main proceeding
- 11 USC § 1529 – Coordination of a case under this title and a foreign proceeding
- 11 USC § 1530 – Coordination of more than 1 foreign proceeding
- 11 USC § 1531 – Presumption of insolvency based on recognition of a foreign main proceeding
- 11 USC § 1532 – Rule of payment in concurrent proceedings
- 11 USC Chapter 01 – GENERAL PROVISIONS
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