Bankruptcy Code Section 548

On its face bankruptcy code sections 544 548 and 550 make no reference to geographic limitations to the avoidance of transfers and they all allow for the recovery of property or the value of property to the extent transfers are avoidable under section 548.

Bankruptcy code section 548. Fraudulent transfers and obligations on westlaw. The bankruptcy code does not define the term property and therefore there is no indicator in the statute that these avoidance powers may be exercised extraterritorially. Section 548 d 2 is modified to reflect general application of a provision contained in section 766 of the senate amendment with respect to commodity brokers.

Section 548 largely sets out the substantive law of fraudulent transfers in bankruptcy while 550 sets out the defenses of the transferee and some limitations upon fraudulent transfer actions in bankruptcy. 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. Any claim by any person to recover a transferred contribution described in the preceding sentence under federal or state law in a federal or state court shall be preempted by the commencement of the case.

Findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system. Section 548 fraudulent transfers and obligations 2019 u s. In particular section 548 d 2 b of the house amendment makes clear that a commodity broker who receives a margin payment is considered to receive the margin payment in return for value for purposes of section 548.

For more detailed codes research information including annotations and citations please visit westlaw. Bankruptcy code 548 11 usc 548 fraudulent transfers and obligations. Paragraph 1 shall not apply to a transfer of a charitable contribution as that term is defined in section 548 d 3 that is not covered under section 548 a 1 b by reason of section 548 a 2.