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11 U.S.C. § 548 — Fraudulent transfers and obligations
Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) The trustee may avoid any transfer (including any transfer to or for the benefit of an insider under an employment contract) of an interest of the debtor in property, or any obligation (including any obligation to or for the benefit of an insider under an employment contract) incurred by the debtor, that was made or incurred on or within 2 years before the date of the filing of the petition, if the debtor voluntarily or involuntarily—
(A) made such transfer or incurred such obligation with actual intent to hinder, delay, or defraud any entity to which the debtor was or became, on or after the date that such transfer was made or such obligation was incurred, indebted; or
(B)
(i) received less than a reasonably equivalent value in exchange for such transfer or obligation; and
(ii)
(I) was insolvent on the date that such transfer was made or such obligation was incurred, or became insolvent as a result of such transfer or obligation;
(II) was engaged in business or a transaction, or was about to engage in business or a transaction, for which any property remaining with the debtor was an unreasonably small capital;
(III) intended to incur, or believed that the debtor would incur, debts that would be beyond the debtor’s ability to pay as such debts matured; or
(IV) made such transfer to or for the benefit of an insider, or incurred such obligation to or for the benefit of an insider, under an employment contract and not in the ordinary course of business.
(2) A transfer of a charitable contribution to a qualified religious or charitable entity or organization shall not be considered to be a transfer covered under paragraph (1)(B) in any case in which—
(A) the amount of that contribution does not exceed 15 percent o
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Source file: Laws/federal/codes/united-states-code/title-11/section-548-fraudulent-transfers-and-obligations--4fa8a8a03e.md
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Source location: Title 11, Chapter 5, § 548; chapter-005-creditors-the-debtor-and-the-estate.md
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**(a)**
(1) The trustee may avoid any transfer (including any transfer to or for the benefit of an insider under an employment contract) of an interest of the debtor in property, or any obligation (including any obligation to or for the benefit of an insider under an employment contract) incurred by the debtor, that was made or incurred on or within 2 years before the date of the filing of the petition, if the debtor voluntarily or involuntarily—
(A) made such transfer or incurred such obligation with actual intent to hinder, delay, or defraud any entity to which the debtor was or became, on or after the date that such transfer was made or such obligation was incurred, indebted; or
(B)
(i) received less than a reasonably equivalent value in exchange for such transfer or obligation; and
(ii)
(I) was insolvent on the date that such transfer was made or such obligation was incurred, or became insolvent as a result of such transfer or obligation;
(II) was engaged in business or a transaction, or was about to engage in business or a transaction, for which any property remaining with the debtor was an unreasonably small capital;
(III) intended to incur, or believed that the debtor would incur, debts that would be beyond the debtor’s ability to pay as such debts matured; or
(IV) made such transfer to or for the benefit of an insider, or incurred such obligation to or for the benefit of an insider, under an employment contract and not in the ordinary course of business.
(2) A transfer of a charitable contribution to a qualified religious or charitable entity or organization shall not be considered to be a transfer covered under paragraph (1)(B) in any case in which—
(A) the amount of that contribution does not exceed 15 percent of the gross annual income of the debtor for the year in which the transfer of the contribution is made; or
(B) the contribution made by a debtor exceeded the percentage amount of gross annual income specified in subparagraph (A), if the transfer was consistent with the practices of the debtor in making charitable contributions.
**(b)** The trustee of a partnership debtor may avoid any transfer of an interest of the debtor in property, or any obligation incurred by the debtor, that was made or incurred on or within 2 years before the date of the filing of the petition, to a general partner in the debtor, if the debtor was insolvent on the date such transfer was made or such obligation was incurred, or became insolvent as a result of such transfer or obligation.
**(c)** Except to the extent that a transfer or obligation voidable under this section is voidable under section 544, 545, or 547 of this title, a transferee or obligee of such a transfer or obligation that takes for value and in good faith has a lien on or may retain any interest transferred or may enforce any obligation incurred, as the case may be, to the extent that such transferee or obligee gave value to the debtor in exchange for such transfer or obligation.
**(d)**
(1) For the purposes of this section, a transfer is made when such transfer is so perfected that a bona fide purchaser from the debtor against whom applicable law permits such transfer to be perfected cannot acquire an interest in the property transferred that is superior to the interest in such property of the transferee, but if such transfer is not so perfected before the commencement of the case, such transfer is made immediately before the date of the filing of the petition.
(2) In this section—
(A) “value” means property, or satisfaction or securing of a present or antecedent debt of the debtor, but does not include an unperformed promise to furnish support to the debtor or to a relative of the debtor;
(B) a commodity broker, forward contract merchant, stockbroker, financial institution, financial participant, or securities clearing agency that receives a margin payment, as defined in section 101, 741, or 761 of this title, or settlement payment, as defined in section 101 or 741 of this title, takes for value to the extent of such payment;
(C) a repo participant or financial participant that receives a margin payment, as defined in section 741 or 761 of this title, or settlement payment, as defined in [section 741 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section741&num=0&edition=prelim), in connection with a repurchase agreement, takes for value to the extent of such payment;
(D) a swap participant or financial participant that receives a transfer in connection with a swap agreement takes for value to the extent of such transfer; and
(E) a master netting agreement participant that receives a transfer in connection with a master netting agreement or any individual contract covered thereby takes for value to the extent of such transfer, except that, with respect to a transfer under any individual contract covered thereby, to the extent that such master netting agreement participant otherwise did not take (or is otherwise not deemed to have taken) such transfer for value.
(3) In this section, the term “charitable contribution” means a charitable contribution, as that term is defined in section 170(c) of the Internal Revenue Code of 1986, if that contribution—
(A) is made by a natural person; and
(B) consists of—
(i) a financial instrument (as that term is defined in section 731(c)(2)(C) of the Internal Revenue Code of 1986); or
(ii) cash.
(4) In this section, the term “qualified religious or charitable entity or organization” means—
(A) an entity described in section 170(c)(1) of the Internal Revenue Code of 1986; or
(B) an entity or organization described in section 170(c)(2) of the Internal Revenue Code of 1986.
**(e)**
(1) In addition to any transfer that the trustee may otherwise avoid, the trustee may avoid any transfer of an interest of the debtor in property that was made on or within 10 years before the date of the filing of the petition, if—
(A) such transfer was made to a self-settled trust or similar device;
(B) such transfer was by the debtor;
(C) the debtor is a beneficiary of such trust or similar device; and
(D) the debtor made such transfer with actual intent to hinder, delay, or defraud any entity to which the debtor was or became, on or after the date that such transfer was made, indebted.
(2) For the purposes of this subsection, a transfer includes a transfer made in anticipation of any money judgment, settlement, civil penalty, equitable order, or criminal fine incurred by, or which the debtor believed would be incurred by—
(A) any violation of the securities laws (as defined in section 3(a)(47) of the Securities Exchange Act of 1934 ([15 U.S.C. 78c(a)(47)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/47&num=0&edition=prelim))), any State securities laws, or any regulation or order issued under Federal securities laws or State securities laws; or
(B) fraud, deceit, or manipulation in a fiduciary capacity or in connection with the purchase or sale of any security registered under section 12 or 15(d) of the Securities Exchange Act of 1934 ([15 U.S.C. 78](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78&num=0&edition=prelim)l and 78o(d)) or under section 6 of the Securities Act of 1933 ([15 U.S.C. 77f](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77f&num=0&edition=prelim)).
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Attorney General shall appoint one United States trustee for each of the following regions composed of Federal judicial districts (without regard to section 451):
(1) The judicial districts established for the States of Maine, Massachusetts, New Hampshire, and Rhode Island.
(2) The judicial districts established for the States of Connecticut, New York, and Vermont.
(3) The judicial districts established for the States of Delaware, New Jersey, and Pennsylvania.
(4) The judicial districts established for the States of Maryland, North Carolina, South Carolina, Virginia, and West Virginia and for the District of Columbia.
(5) The judicial districts established for the States of Louisiana and Mississippi.
(6) The Northern District of Texas and the Eastern District of Texas.
(7) The Southern District of Texas and the Western District of Texas.
(8) The judicial districts established for the States of Kentucky and Tennessee.
(9) The judicial districts established for the States of Michigan and Ohio.
(10) The Central District of Illinois and the Southern District of Illinois; and the judicial districts established for the State of Indiana.
(11) The Northern District of Illinois; and the judicial districts established for the State of Wisconsin.
(12) The judicial districts established for the States of Minnesota, Iowa, North Dakota, and South Dakota.
(13) The judicial districts established for the States of Arkansas, Nebraska, and Missouri.
(14) The District of Arizona.
(15) The Southern District of California; and the judicial districts established for the State of Hawaii, and for Guam and the Commonwealth of the Northern Mariana Islands.
(16) The Central District of California.
(17) The Eastern District of California and the Northern District of Cal
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The trustee shall have, as of the commencement of the case, and without regard to any knowledge of the trustee or of any creditor, the rights and powers of, or may avoid any transfer of property of the debtor or any obligation incurred by the debtor that is voidable by—
(1) a creditor that extends credit to the debtor at the time of the commencement of the case, and that obtains, at such time and with respect to such credit, a judicial lien on all property on which a creditor on a simple contract could have obtained such a judicial lien, whether or not such a creditor exists;
(2) a creditor that extends credit to the debtor at the time of the commencement of the case, and obtains, at such time and with respect to such credit, an execution against the debtor that is returned unsatisfied at such time, whether or not such a creditor exists; or
(3) a bona fide purchaser of real property, other than fixtures, from the debtor, against whom applicable law permits such transfer to be perfected, that obtains the status of a bona fide purchaser and has perfected such transfer at the time of the commencement of the case, whether or not such a purchaser exists.
**(b)**
(1) Except as provided in paragraph (2), the trustee may avoid any transfer of an interest of the debtor in property or any obligation incurred by the debtor that is voidable under applicable law by a creditor holding an unsecured claim that is allowable under [section 502 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section502&num=0&edition=prelim) or that is not allowable only under [section 502(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section502/e&num=0&edition=prelim).
(2) Paragraph (1) shall not apply to a transfer
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Federal law — U.S. Code and appendices · legal_authorities
In this subchapter—
(1) “Commission” means Securities and Exchange Commission;
(2) “customer” includes—
(A) entity with whom a person deals as principal or agent and that has a claim against such person on account of a security received, acquired, or held by such person in the ordinary course of such person’s business as a stockbroker, from or for the securities account or accounts of such entity—
(i) for safekeeping;
(ii) with a view to sale;
(iii) to cover a consummated sale;
(iv) pursuant to a purchase;
(v) as collateral under a security agreement; or
(vi) for the purpose of effecting registration of transfer; and
(B) entity that has a claim against a person arising out of—
(i) a sale or conversion of a security received, acquired, or held as specified in subparagraph (A) of this paragraph; or
(ii) a deposit of cash, a security, or other property with such person for the purpose of purchasing or selling a security;
(3) “customer name security” means security—
(A) held for the account of a customer on the date of the filing of the petition by or on behalf of the debtor;
(B) registered in such customer’s name on such date or in the process of being so registered under instructions from the debtor; and
(C) not in a form transferable by delivery on such date;
(4) “customer property” means cash, security, or other property, and proceeds of such cash, security, or property, received, acquired, or held by or for the account of the debtor, from or for the securities account of a customer—
(A) including—
(i) property that was unlawfully converted from and that is the lawful property of the estate;
(ii) a security held as property of the debtor to the extent such security is necessary to meet a net equity
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Federal law — U.S. Code and appendices · legal_authorities
In this title the following definitions shall apply:
(1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized.
(2) The term “affiliate” means—
(A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or
(D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement.
(3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The following expenses and claims have priority in the following order:
(1) First:
(A) Allowed unsecured claims for domestic support obligations that, as of the date of the filing of the petition in a case under this title, are owed to or recoverable by a spouse, former spouse, or child of the debtor, or such child’s parent, legal guardian, or responsible relative, without regard to whether the claim is filed by such person or is filed by a governmental unit on behalf of such person, on the condition that funds received under this paragraph by a governmental unit under this title after the date of the filing of the petition shall be applied and distributed in accordance with applicable nonbankruptcy law.
(B) Subject to claims under subparagraph (A), allowed unsecured claims for domestic support obligations that, as of the date of the filing of the petition, are assigned by a spouse, former spouse, child of the debtor, or such child’s parent, legal guardian, or responsible relative to a governmental unit (unless such obligation is assigned voluntarily by the spouse, former spouse, child, parent, legal guardian, or responsible relative of the child for the purpose of collecting the debt) or are owed directly to or recoverable by a governmental unit under applicable nonbankruptcy law, on the condition that funds received under this paragraph by a governmental unit under this title after the date of the filing of the petition be applied and distributed in accordance with applicable nonbankruptcy law.
(C) If a trustee is appointed or elected under section 701, 702, 703, 1104, 1202, or 1302, the administrative expenses of the trustee allowed under paragraphs (1)(A), (2), and (6) of section 503(b) shall be paid before payment of claims under subparagraphs (A)
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Method of registration** Any security may be registered with the Commission under the terms and conditions hereinafter provided, by filing a registration statement in triplicate, at least one of which shall be signed by each issuer, its principal executive officer or officers, its principal financial officer, its comptroller or principal accounting officer, and the majority of its board of directors or persons performing similar functions (or, if there is no board of directors or persons performing similar functions, by the majority of the persons or board having the power of management of the issuer), and in case the issuer is a foreign or Territorial person by its duly authorized representative in the United States; except that when such registration statement relates to a security issued by a foreign government, or political subdivision thereof, it need be signed only by the underwriter of such security. Signatures of all such persons when written on the said registration statements shall be presumed to have been so written by authority of the person whose signature is so affixed and the burden of proof, in the event such authority shall be denied, shall be upon the party denying the same. The affixing of any signature without the authority of the purported signer shall constitute a violation of this subchapter. A registration statement shall be deemed effective only as to the securities specified therein as proposed to be offered.
**(b) Registration fee**
(1) **Fee payment required** — At the time of filing a registration statement, the applicant shall pay to the Commission a fee at a rate that shall be equal to $92 11 See Adjustment of Registration Fee Rate notes below. per $1,000,000 of the maximum aggregate price at which such securities are proposed to b
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** In this section—
(1) “inventory” means personal property leased or furnished, held for sale or lease, or to be furnished under a contract for service, raw materials, work in process, or materials used or consumed in a business, including farm products such as crops or livestock, held for sale or lease;
(2) “new value” means money or money’s worth in goods, services, or new credit, or release by a transferee of property previously transferred to such transferee in a transaction that is neither void nor voidable by the debtor or the trustee under any applicable law, including proceeds of such property, but does not include an obligation substituted for an existing obligation;
(3) “receivable” means right to payment, whether or not such right has been earned by performance; and
(4) a debt for a tax is incurred on the day when such tax is last payable without penalty, including any extension.
**(b)** Except as provided in subsections (c) and (i) of this section, the trustee may, based on reasonable due diligence in the circumstances of the case and taking into account a party’s known or reasonably knowable affirmative defenses under subsection (c), avoid any transfer of an interest of the debtor in property—
(1) to or for the benefit of a creditor;
(2) for or on account of an antecedent debt owed by the debtor before such transfer was made;
(3) made while the debtor was insolvent;
(4) made—
(A) on or within 90 days before the date of the filing of the petition; or
(B) between ninety days and one year before the date of the filing of the petition, if such creditor at the time of such transfer was an insider; and
(5) that enables such creditor to receive more than such creditor would receive if—
(A) the case were a case under chapter 7 of this title
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Federal law — U.S. Code and appendices · legal_authorities
Page 176
TITLE 11—BANKRUPTCY
§ 548
Subsec. (c)(5)(A)(ii). Pub. L. 98–353, § 462(d)(5), sub-
stituted ‘‘or’’ for ‘‘and’’.
Subsec. (c)(7). Pub. L. 98–353, § 310(3), added par. (7).
Subsec. (d). Pub. L. 98–353, § 462(e), substituted ‘‘The’’
for ‘‘A’’ before ‘‘trustee may avoid’’, inserted ‘‘an inter-
est in’’ after ‘‘transfer of’’, inserted ‘‘to or for the ben-
efit of a surety’’ after ‘‘transferred’’, and inserted
‘‘such’’ after ‘‘reimbursement of’’.
Subsec. (e)(2)(C)(i). Pub. L. 98–353, § 462(f), substituted
‘‘or’’ for ‘‘and’’.
Subsec. (g). Pub. L. 98–353, § 462(g), added subsec. (g).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2020 AMENDMENT
Pub. L. 116–260, div. FF, title X, § 1001(g)(2)(A), Dec. 27,
2020, 134 Stat. 3220, provided that the amendment made
by section 1001(g)(2)(A) is effective on the date that is
2 years after Dec. 27, 2020.
Pub. L. 116–260, div. FF, title X, § 1001(g)(2)(B), Dec. 27,
2020, 134 Stat. 3221, provided that: ‘‘Notwithstanding
the amendments made by subparagraph (A) [amending
this section], the amendments made by paragraph (1)
[amending this section] shall apply in any case com-
menced under title 11, United States Code, before the
date that is 2 years after the date of enactment of this
Act [Dec. 27, 2020].’’
EFFECTIVE DATE OF 2019 AMENDMENT
Amendment by Pub. L. 116–54 effective 180 days after
Aug. 23, 2019, see section 5 of Pub. L. 116–54, set out as
a note under section 101 of this title.
EFFECTIVE DATE OF 2005 AMENDMENT
Pub. L. 109–8, title XII, § 1213(b), Apr. 20, 2005, 119 Stat.
195, provided that: ‘‘The amendments made by this sec-
tion [amending this section] shall apply to any case
that is pending or commenced on or after the date of
enactment of this Act [Apr. 20, 2005].’’
Amendment by Pub.
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Federal law — U.S. Code and appendices · legal_authorities
Page 138
TITLE 15—COMMERCE AND TRADE
§ 77f
tion rules related to research reports, including those
contained in rules governing communications with
the public, or to require the filing of communications
with the public the purpose of which is not to provide
research and analysis of covered investment funds.
‘‘(d) INTERIM EFFECTIVENESS OF SAFE HARBOR.—
‘‘(1) IN GENERAL.—From and after the 270-day period
beginning on the date of enactment of this Act, if the
Commission has not adopted revisions to section
230.139 of title 17, Code of Federal Regulations, as re-
quired by subsection (a), and until such time as the
Commission has done so, a broker or dealer distrib-
uting or publishing a covered investment fund re-
search report after such date shall be able to rely on
the provisions of section 230.139 of title 17, Code of
Federal Regulations, and the broker or dealer’s publi-
cation of such report shall be deemed to satisfy the
conditions of paragraph (1) or (2) of section 230.139(a)
of title 17, Code of Federal Regulations, if the covered
investment fund that is the subject of such report
satisfies the reporting history requirements (without
regard to Form S–3 or Form F–3 eligibility) and min-
imum float provisions of such subsections for pur-
poses of the Commission’s rules and regulations
under the Federal securities laws and the rules of any
self-regulatory organization, as if revised and imple-
mented in accordance with subsections (a) and (b).
‘‘(2) STATUS OF COVERED INVESTMENT FUND.—After
such period and until the Commission has adopted re-
visions to section 230.139 of title 17, Code of Federal
Regulations, and FINRA has revised rule 2210, for
purposes of subsection (c)(7)(O) of such rule, a covered
investment fund shall be deemed to be a se
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** When used in this chapter, unless the context otherwise requires—
(1) The term “exchange” means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange.
(2) The term “facility” when used with respect to an exchange includes its premises, tangible or intangible property whether on the premises or not, any right to the use of such premises or property or any service thereof for the purpose of effecting or reporting a transaction on an exchange (including, among other things, any system of communication to or from the exchange, by ticker or otherwise, maintained by or with the consent of the exchange), and any right of the exchange to the use of any property or service.
(3)
(A) The term “member” when used with respect to a national securities exchange means (i) any natural person permitted to effect transactions on the floor of the exchange without the services of another person acting as broker, (ii) any registered broker or dealer with which such a natural person is associated, (iii) any registered broker or dealer permitted to designate as a representative such a natural person, and (iv) any other registered broker or dealer which agrees to be regulated by such exchange and with respect to which the exchange undertakes to enforce compliance with the provisions of this chapter, the rules and regulations thereunder, and its own rules. For purposes of section
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