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(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. 95-598, Nov. 6, 1978, 92 Stat. 2601; Pub.
L. 98-353, title III, § 464, July 10, 1984, 98 Stat.
379; Pub. L. 99-554, title II, § 283(o), Oct. 27, 1986,
100 Stat. 3117; Pub. L.
103-394, title V, § 501(d)(18), Oct. 22, 1994,
108 Stat. 4146; Pub. L.
109-8, Title XII, §
1214, April 20, 2005, 119 Stat. 195.)
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