11 U.S.C. § 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.

Pub. L. 95–598Nov. 6, 197892 Stat. 2601 Pub. L. 98–353, title III, § 464July 10, 198498 Stat. 379 Pub. L. 99–554, title II, § 283oOct. 27, 1986100 Stat. 3117 Pub. L. 103–394, title V, § 501(d)(18)Oct. 22, 1994108 Stat. 4146 Pub. L. 109–8, title XII, § 1214Apr. 20, 2005119 Stat. 195 (, , ; , , ; (), , ; , , ; , , .)

Historical and Revision Notes

legislative statements

Section 549 of the House amendment has been redrafted in order to incorporate sections 342(b) and (c) of the Senate amendment. Those sections have been consolidated and redrafted in section 549(c) of the House amendment. Section 549(d) of the House amendment adopts a provision contained in section 549(c) of the Senate amendment.

senate report no. 95–989

This section modifies section 70d of current law [section 110(d) of former title 11]. It permits the trustee to avoid transfers of property that occur after the commencement of the case. The transfer must either have been unauthorized, or authorized under a section that protects only the transferor. Subsection (b) protects “involuntary gap” transferees to the extent of any value (including services, but not including satisfaction of a debt that arose before the commencement of the case), given after commencement in exchange for the transfer. Notice or knowledge of the transferee is irrelevant in determining whether he is protected under this provision.

Editorial Notes

Amendments

Pub. L. 109–82005—Subsec. (c). inserted “an interest in” after “transfer of” in two places and substituted “purchaser of such real property” for “purchaser of such property” and “such interest” for “the interest”.

Pub. L. 103–3941994—Subsec. (b). inserted “the trustee may not avoid under subsection (a) of this section” after “involuntary case,”.

Pub. L. 99–5541986—Subsec. (b). substituted “made” for “that occurs”, and “to the extent” for “is valid against the trustee to the extent of”, and inserted “is” before “given”.

Pub. L. 98–353, § 464(a)(1)Pub. L. 98–353 Pub. L. 98–353, § 4641984—Subsec. (a). , (2), substituted “(b) or (c)” for “(b) and (c)” in provisions preceding par. (1) and inserted “only” between “authorized” and “under” in par. (2)(A). In the original of , subsec. (a)(2) of section 464 thereof ended with a period but was followed by pars. (3), (4), and (5). Such pars. (3), (4), and (5) purported to amend subsec. (a) of this section in ways not susceptible of execution. In a predecessor bill [S. 445], these pars. (3), (4), and (5) formed a part of a subsec. (b) of section 361 thereof which amended subsec. (b) of this section. Such subsec. (b) of section 361 of S. 445 was not carried into .

Pub. L. 98–353, § 464(c)Subsec. (c). , amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “The trustee may not avoid under subsection (a) of this section a transfer, to a good faith purchaser without knowledge of the commencement of the case and for present fair equivalent value or to a purchaser at a judicial sale, of real property located other than in the county in which the case is commenced, unless a copy of the petition was filed in the office where conveyances of real property in such county are recorded before such transfer was so far perfected that a bona fide purchaser of such property against whom applicable law permits such transfer to be perfected cannot acquire an interest that is superior to the interest of such good faith or judicial sale purchaser. A good faith purchaser, without knowledge of the commencement of the case and for less than present fair equivalent value, of real property located other than in the county in which the case is commenced, under a transfer that the trustee may avoid under this section, has a lien on the property transferred to the extent of any present value given, unless a copy of the petition was so filed before such transfer was so perfected.”

Pub. L. 98–353, § 464(d)Subsec. (d)(1). , substituted “or” for “and”.

Statutory Notes and Related Subsidiaries

Effective Date of 2005 Amendment

Pub. L. 109–8Apr. 20, 2005section 1501 of Pub. L. 109–8 section 101 of this titleAmendment by effective 180 days after , and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see , set out as a note under .

Effective Date of 1994 Amendment

Pub. L. 103–394Oct. 22, 1994Oct. 22, 1994section 702 of Pub. L. 103–394 section 101 of this titleAmendment by effective , and not applicable with respect to cases commenced under this title before , see , set out as a note under .

Effective Date of 1986 Amendment

Pub. L. 99–554Oct. 27, 1986section 302(a) of Pub. L. 99–554 section 581 of Title 28Amendment by effective 30 days after , see , set out as a note under , Judiciary and Judicial Procedure.

Effective Date of 1984 Amendment

Pub. L. 98–353July 10, 1984section 552(a) of Pub. L. 98–353 section 101 of this titleAmendment by effective with respect to cases filed 90 days after , see , set out as a note under .