Source: https://law.justia.com/codes/us/2012/title-11/chapter-5/subchapter-iii/section-546/
Timestamp: 2019-10-21 05:15:02
Document Index: 443865322

Matched Legal Cases: ['§ 546', '§ 501', '§ 541', '§4', '§351', '§257', '§103', '§203', '§204', '§501', '§3', '§406', '§907', '§1227', '§5', '§ 546', '§9', '§5', '§5', '§5', '§5', '§907', '§907', '§907', '§406', '§216', '§204', '§209', '§501', '§501', '§283', '§461', '§461', '§351', '§461', '§461', '§351']

THE ESTATE - 11 U.S.C. § 546 (2012) Limitations on avoiding powers :: Title 11 - Bankruptcy :: 2012 US Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes US Code 2012 US Code Title 11 - Bankruptcy Chapter 5 - CREDITORS, THE DEBTOR, AND THE ESTATE (§§ 501 - 562) Subchapter III - THE ESTATE (§§ 541 - 562) Section 546 - Limitations on avoiding powers
Section 546 - Limitations on avoiding powers
Contains section 546
Source Credit 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.
96 Stat. 236
104 Stat. 268
108 Stat. 4122
120 Stat. 2697
Public Law References Public Law 95-598, Public Law 97-222, Public Law 98-353, Public Law 99-554, Public Law 101-311, Public Law 103-394, Public Law 105-183, Public Law 109-8, Public Law 109-390
THE ESTATE - 11 U.S.C. § 546 (2012)
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”.
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”.
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”.
1998—Subsecs. (e) to (g). Pub. L. 105–183 substituted “548(a)(1)(B)” for “548(a)(2)” and “548(a)(1)(A)” for “548(a)(1)”.
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. (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. (e). Pub. L. 98–353, §§351(2), 461(d), redesignated former subsec. (d) as (e) and inserted “financial institution” after “stockbroker”.