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U.S. Code as of:
01/19/04
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) Except as provided in subsection (d) of this section, the
rights and powers of a trustee under sections 544(a), 545, 547, and
549 of this title are subject to any statutory or common-law 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, but -
(1) such a seller may not reclaim any such goods unless such
seller demands in writing reclamation of such goods -
(A) before 10 days after receipt of such goods by the debtor;
or
(B) if such 10-day period expires after the commencement of
the case, before 20 days after receipt of such goods by the
debtor; and
(2) the court may deny reclamation to a seller with such a
right of reclamation that has made such a demand only if the
court -
(A) grants the claim of such a seller priority as a claim of
a kind specified in section 503(b) of this title; or
(B) secures such claim by a lien.
(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 a commodity broker, forward contract
merchant, stockbroker, financial institution, or securities
clearing agency, 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 that is
a margin payment, as defined in section 741 or 761 of this title,
or settlement payment, as defined in section 741 of this title,
made by or to a repo 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 under a
swap agreement, made by or to a swap participant, in connection
with a swap agreement and that is made before the commencement of
the case, except under section 548(a)(1)(A) of this title.
(g) (!1) 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, 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.
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