(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 section
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 section
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 a commodity broker, forward contract merchant,
stockbroker, financial institution, financial participant,
or securities clearing agency, that is made before the commencement of the
case, except under section
548(a)(1)(A) of this title.
(f) Notwithstanding section
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
741 or 761
of this title, or settlement payment, as defined in section
741 of this title, made by or to 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 section
544, 545,
547, 548(a)(1)(B)
and 548(b)
of this title, the trustee may not avoid a transfer
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 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.
[Rev. 5-17-05]
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