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TITLE 11.
BANKRUPTCY · UNITED STATES CODE
Chapter 5.
Creditors, the Debtor and the Estate
Subchapter III. The Estate
11
USC § 549. Postpetition transactions
(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
(2)
(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.
[Rev. 5-18-05]
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