Source: https://www.law.cornell.edu/uscode/text/11/546
Timestamp: 2017-03-27 18:37:53
Document Index: 530486203

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11 U.S. Code § 546 - Limitations on avoiding powers | US Law | LII / Legal Information Institute
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).
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.
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.
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.
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.
(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2597; Pub. L. 97–222, § 4, July 27, 1982, 96 Stat. 236; Pub. L. 98–353, title III, §§ 351, 393, 461, July 10, 1984, 98 Stat. 358, 365, 377; Pub. L. 99–554, title II, §§ 257(d), 283(l), Oct. 27, 1986, 100 Stat. 3114, 3117; Pub. L. 101–311, title I, § 103, title II, § 203, June 25, 1990, 104 Stat. 268, 269; Pub. L. 103–394, title II, §§ 204(b), 209, 216, 222(a), title V, § 501(b)(4), Oct. 22, 1994, 108 Stat. 4122, 4125, 4126, 4129, 4142; Pub. L. 105–183, § 3(c), June 19, 1998, 112 Stat. 518; Pub. L. 109–8, title IV, § 406, title IX, § 907(e), (o)(2), (3), title XII, § 1227(a), Apr. 20, 2005, 119 Stat. 105, 177, 182, 199; Pub. L. 109–390, § 5(b), Dec. 12, 2006, 120 Stat. 2697.)
The phrase “generally applicable law” relates to those provisions of applicable law that apply both in bankruptcy cases and outside of bankruptcy cases. For example, many State laws, under the Uniform Commercial Code, permit perfection of a purchase-money security interest to relate back to defeat an earlier levy by another creditor if the former was perfected within ten days of delivery of the property. U.C.C. § 9–301(2). Such perfection would then be able to defeat an intervening hypothetical judicial lien creditor on the date of the filing of the petition. The purpose of the subsection is to protect, in spite of the surprise intervention of a bankruptcy petition, those whom State law protects by allowing them to perfect their liens or interests as of an effective date that is earlier than the date of perfection. It is not designed to give the States an opportunity to enact disguised priorities in the form of liens that apply only in bankruptcy cases.
2006—Subsec. (e). Pub. L. 109–390, § 5(b)(1), inserted “(or for the benefit of)” before “a commodity broker” and “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,” after “securities clearing agency,”.
Subsec. (f). Pub. L. 109–390, § 5(b)(2), struck out “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,” after “avoid a transfer” and inserted “(or for the benefit of)” before “a repo participant”.
Subsec. (g). Pub. L. 109–390, § 5(b)(3), inserted “(or for the benefit of)” before “a swap participant”.
Subsec. (j). Pub. L. 109–390, § 5(b)(4), inserted “(or for the benefit of)” before “a master netting agreement participant”.
2005—Subsec. (c). Pub. L. 109–8, § 1227(a), amended subsec. (c) generally. Prior to amendment, subsec. (c) consisted of pars. (1) and (2) relating to reclamation of goods sold to an insolvent debtor.
Subsec. (e). Pub. L. 109–8, § 907(o)(3), inserted “financial participant,” after “financial institution,”.
Subsec. (f). Pub. L. 109–8, § 907(o)(2), inserted “or financial participant” after “repo participant”.
Subsec. (g). Pub. L. 109–8, § 907(e)(1), struck out “under a swap agreement” after “avoid a transfer”, substituted “under or in connection with any swap agreement” for “in connection with a swap agreement”, and inserted “or financial participant” after “swap participant”.
Pub. L. 109–8, § 406(1), redesignated subsec. (g) relating to return of goods as (h).
Subsec. (h). Pub. L. 109–8, § 406(2), inserted “and subject to the prior rights of holders of security interests in such goods or the proceeds of such goods” after “consent of a creditor”.
Subsec. (i). Pub. L. 109–8, § 406(3), added subsec. (i).
Subsec. (j). Pub. L. 109–8, § 907(e)(2), added subsec. (j).
1994—Subsec. (a)(1). Pub. L. 103–394, § 216, amended par. (1) generally. Prior to amendment, par. (1) read as follows: “two years after the appointment of a trustee under section 702, 1104, 1163, 1302, or 1202 of this title; or”.
Subsec. (b). Pub. L. 103–394, § 204(b), amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: “The rights and powers of a trustee under sections 544, 545, and 549 of this title are subject to any generally applicable law that permits perfection of an interest in property to be effective against an entity that acquires rights in such property before the date of such perfection. If such law requires seizure of such property or commencement of an action to accomplish such perfection, and such property has not been seized or such action has not been commenced before the date of the filing of the petition, such interest in such property shall be perfected by notice within the time fixed by such law for such seizure or commencement.”
Subsec. (c)(1). Pub. L. 103–394, § 209, amended par. (1) generally. Prior to amendment, par. (1) read as follows: “such a seller may not reclaim any such goods unless such seller demands in writing reclamation of such goods before ten days after receipt of such goods by the debtor; and”.
Subsec. (e). Pub. L. 103–394, § 501(b)(4)(A), substituted “section 101, 741, or 761” for “section 101(34), 741(5), or 761(15)” and “section 101 or 741” for “section 101(35) or 741(8)”.
Subsec. (f). Pub. L. 103–394, § 501(b)(4)(B), substituted “section 741 or 761” for “section 741(5) or 761(15)” and “section 741” for “section 741(8)”.
Subsec. (g). Pub. L. 103–394, § 222(a), added subsec. (g) relating to return of goods.
1990—Subsec. (e). Pub. L. 101–311, § 203, inserted reference to sections 101(34) and 101(35) of this title.
Subsec. (g). Pub. L. 101–311, § 103, added subsec. (g) relating to trustee’s authority to avoid transfer involving swap agreement.
1986—Subsec. (a)(1). Pub. L. 99–554, § 257(d), inserted reference to section 1202 of this title.
Subsec. (e). Pub. L. 99–554, § 283(l), inserted a comma after “stockbroker”.
1984—Subsec. (a)(1). Pub. L. 98–353, § 461(a), substituted “; or” for “; and”.
Subsec. (b). Pub. L. 98–353, § 461(b), substituted “a trustee under sections 544, 545, and” for “the trustee under sections 544, 545, or”.
Subsec. (c). Pub. L. 98–353, §§ 351(1), 461(c)(1)–(4), substituted “Except as provided in subsection (d) of this section, the” for “The”, substituted “a trustee” for “the trustee”, struck out “right” before “or common-law”, inserted “of goods that has sold goods to the debtor” after “seller”, and struck out “of goods to the debtor” after “business,”.
Subsec. (c)(2). Pub. L. 98–353, § 461(c)(5)(A), inserted “the” after “if” in provisions preceding subpar. (A).
Subsec. (c)(2)(A). Pub. L. 98–353, § 461(c)(5)(B), substituted “a claim of a kind specified in section 503(b) of this title” for “an administrative expense”.
Subsec. (d). Pub. L. 98–353, § 351(3), added subsec. (d). Former subsec. (d) redesignated (e).
Subsec. (e). Pub. L. 98–353, §§ 351(2), 461(d), redesignated former subsec. (d) as (e) and inserted “financial institution” after “stockbroker”.
Subsec. (f). Pub. L. 98–353, § 393, added subsec. (f).