11 U.S.C. § 547 : US Code - Section 547: Preferences

      (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 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;
          (B) the transfer had not been made; and
          (C) such creditor received payment of such debt to the extent
        provided by the provisions of this title.

      (c) The trustee may not avoid under this section a transfer - 
        (1) to the extent that such transfer was - 
          (A) intended by the debtor and the creditor to or for whose
        benefit such transfer was made to be a contemporaneous exchange
        for new value given to the debtor; and
          (B) in fact a substantially contemporaneous exchange;

        (2) to the extent that such transfer was in payment of a debt
      incurred by the debtor in the ordinary course of business or
      financial affairs of the debtor and the transferee, and such
      transfer was - 
          (A) made in the ordinary course of business or financial
        affairs of the debtor and the transferee; or
          (B) made according to ordinary business terms;

        (3) that creates a security interest in property acquired by
      the debtor - 
          (A) to the extent such security interest secures new value
        that was - 
            (i) given at or after the signing of a security agreement
          that contains a description of such property as collateral;
            (ii) given by or on behalf of the secured party under such
          agreement;
            (iii) given to enable the debtor to acquire such property;
          and
            (iv) in fact used by the debtor to acquire such property;
          and

          (B) that is perfected on or before 30 days after the debtor
        receives possession of such property;

        (4) to or for the benefit of a creditor, to the extent that,
      after such transfer, such creditor gave new value to or for the
      benefit of the debtor - 
          (A) not secured by an otherwise unavoidable security
        interest; and
          (B) on account of which new value the debtor did not make an
        otherwise unavoidable transfer to or for the benefit of such
        creditor;

        (5) that creates a perfected security interest in inventory or
      a receivable or the proceeds of either, except to the extent that
      the aggregate of all such transfers to the transferee caused a
      reduction, as of the date of the filing of the petition and to
      the prejudice of other creditors holding unsecured claims, of any
      amount by which the debt secured by such security interest
      exceeded the value of all security interests for such debt on the
      later of - 
          (A)(i) with respect to a transfer to which subsection
        (b)(4)(A) of this section applies, 90 days before the date of
        the filing of the petition; or
          (ii) with respect to a transfer to which subsection (b)(4)(B)
        of this section applies, one year before the date of the filing
        of the petition; or
          (B) the date on which new value was first given under the
        security agreement creating such security interest;

        (6) that is the fixing of a statutory lien that is not
      avoidable under section 545 of this title;
        (7) to the extent such transfer was a bona fide payment of a
      debt for a domestic support obligation;
        (8) if, in a case filed by an individual debtor whose debts are
      primarily consumer debts, the aggregate value of all property
      that constitutes or is affected by such transfer is less than
      $600; or
        (9) if, in a case filed by a debtor whose debts are not
      primarily consumer debts, the aggregate value of all property
      that constitutes or is affected by such transfer is less than
      $5,000.

      (d) The trustee may avoid a transfer of an interest in property
    of the debtor transferred to or for the benefit of a surety to
    secure reimbursement of such a surety that furnished a bond or
    other obligation to dissolve a judicial lien that would have been
    avoidable by the trustee under subsection (b) of this section. The
    liability of such surety under such bond or obligation shall be
    discharged to the extent of the value of such property recovered by
    the trustee or the amount paid to the trustee.
      (e)(1) For the purposes of this section - 
        (A) a transfer of real property other than fixtures, but
      including the interest of a seller or purchaser under a contract
      for the sale of real property, is perfected when a bona fide
      purchaser of such property from the debtor against whom
      applicable law permits such transfer to be perfected cannot
      acquire an interest that is superior to the interest of the
      transferee; and
        (B) a transfer of a fixture or property other than real
      property is perfected when a creditor on a simple contract cannot
      acquire a judicial lien that is superior to the interest of the
      transferee.

      (2) For the purposes of this section, except as provided in
    paragraph (3) of this subsection, a transfer is made - 
        (A) at the time such transfer takes effect between the
      transferor and the transferee, if such transfer is perfected at,
      or within 30 days after, such time, except as provided in
      subsection (c)(3)(B);
        (B) at the time such transfer is perfected, if such transfer is
      perfected after such 30 days; or
        (C) immediately before the date of the filing of the petition,
      if such transfer is not perfected at the later of - 
          (i) the commencement of the case; or
          (ii) 30 days after such transfer takes effect between the
        transferor and the transferee.

      (3) For the purposes of this section, a transfer is not made
    until the debtor has acquired rights in the property transferred.
      (f) For the purposes of this section, the debtor is presumed to
    have been insolvent on and during the 90 days immediately preceding
    the date of the filing of the petition.
      (g) For the purposes of this section, the trustee has the burden
    of proving the avoidability of a transfer under subsection (b) of
    this section, and the creditor or party in interest against whom
    recovery or avoidance is sought has the burden of proving the
    nonavoidability of a transfer under subsection (c) of this section.
      (h) The trustee may not avoid a transfer if such transfer was
    made as a part of an alternative repayment schedule between the
    debtor and any creditor of the debtor created by an approved
    nonprofit budget and credit counseling agency.
      (i) If the trustee avoids under subsection (b) a transfer made
    between 90 days and 1 year before the date of the filing of the
    petition, by the debtor to an entity that is not an insider for the
    benefit of a creditor that is an insider, such transfer shall be
    considered to be avoided under this section only with respect to
    the creditor that is an insider.