11 U.S.C. § 546 : US Code - Section 546: Limitations on avoiding powers

Search 11 U.S.C. § 546 : US Code - Section 546: Limitations on avoiding powers

(a) An action or proceeding under section 544, 545, 547, 548, or
553 of this title may not be commenced after the earlier of -
(1) the later of -
(A) 2 years after the entry of the order for relief; or
(B) 1 year after the appointment or election of the first
trustee under section 702, 1104, 1163, 1202, or 1302 of this
title if such appointment or such election occurs before the
expiration of the period specified in subparagraph (A); or
(2) the time the case is closed or dismissed.
(b)(1) The rights and powers of a trustee under sections 544,
545, and 549 of this title are subject to any generally applicable
law that -
(A) permits perfection of an interest in property to be
effective against an entity that acquires rights in such property
before the date of perfection; or
(B) provides for the maintenance or continuation of perfection
of an interest in property to be effective against an entity that
acquires rights in such property before the date on which action
is taken to effect such maintenance or continuation.
(2) If -
(A) a law described in paragraph (1) requires seizure of such
property or commencement of an action to accomplish such
perfection, or maintenance or continuation of perfection of an
interest in property; and
(B) such property has not been seized or such an action has not
been commenced before the date of the filing of the petition;
such interest in such property shall be perfected, or perfection of
such interest shall be maintained or continued, by giving notice
within the time fixed by such law for such seizure or such
commencement.
(c)(1) Except as provided in subsection (d) of this section and
in section 507(c), and subject to the prior rights of a holder of a
security interest in such goods or the proceeds thereof, the rights
and powers of the trustee under sections 544(a), 545, 547, and 549
are subject to the right of a seller of goods that has sold goods
to the debtor, in the ordinary course of such seller's business, to
reclaim such goods if the debtor has received such goods while
insolvent, within 45 days before the date of the commencement of a
case under this title, but such seller may not reclaim such goods
unless such seller demands in writing reclamation of such goods -
(A) not later than 45 days after the date of receipt of such
goods by the debtor; or
(B) not later than 20 days after the date of commencement of
the case, if the 45-day period expires after the commencement of
the case.
(2) 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).
(d) In the case of a seller who is a producer of grain sold to a
grain storage facility, owned or operated by the debtor, in the
ordinary course of such seller's business (as such terms are
defined in section 557 of this title) or in the case of a United
States fisherman who has caught fish sold to a fish processing
facility owned or operated by the debtor in the ordinary course of
such fisherman's business, the rights and powers of the trustee
under sections 544(a), 545, 547, and 549 of this title are subject
to any statutory or common law right of such producer or fisherman
to reclaim such grain or fish if the debtor has received such grain
or fish while insolvent, but -
(1) such producer or fisherman may not reclaim any grain or
fish unless such producer or fisherman demands, in writing,
reclamation of such grain or fish before ten days after receipt
thereof by the debtor; and
(2) the court may deny reclamation to such a producer or
fisherman with a right of reclamation that has made such a demand
only if the court secures such claim by a lien.
(e) Notwithstanding sections 544, 545, 547, 548(a)(1)(B), and
548(b) of this title, the trustee may not avoid a transfer that is
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, made by or to (or for the benefit of) a commodity
broker, forward contract merchant, stockbroker, financial
institution, financial participant, or securities clearing agency,
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, that is made before the commencement of the case,
except under section 548(a)(1)(A) of this title.
(f) 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.
(g) 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.
(h) 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.
(i)(1) Notwithstanding paragraphs (2) and (3) of section 545, the
trustee may not avoid a warehouseman's lien for storage,
transportation, or other costs incidental to the storage and
handling of goods.
(2) The prohibition under paragraph (1) shall be applied in a
manner consistent with any State statute applicable to such lien
that is similar to section 7-209 of the Uniform Commercial Code, as
in effect on the date of enactment of the Bankruptcy Abuse
Prevention and Consumer Protection Act of 2005, or any successor to
such section 7-209.
(j) 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.