Page:United States Statutes at Large Volume 104 Part 6.djvu/488

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104 STAT. 4878 PUBLIC LAW 101-647—NOV. 29, 1990 "(A) IN GENERAL.—The Corporation, as conservator or receiver for any insured depository institution, and any conservator appointed by the Comptroller of the Currency or the Director of the Office of Thrift Supervision may avoid a transfer of any interest of an institution-affiliated party, or any person who the Corporation or conservator determines is a debtor of the institution, in property, or any obligation incurred by such party or person, that was made within 5 years of the date on which the Corporation or conservator was appointed conservator or receiver if such party or person voluntarily or involuntarily made such transfer or incurred such liability with the intent to hinder, delay, or defraud the insured depository institution, the Corporation or other conservator, or any other appropriate Federal banking agency. "(B) RIGHT OF RECOVERY.— To the extent a transfer is avoided under subparagraph (A), the Corporation or any conservator described in such subparagraph may recover, for the benefit of the insured depository institution, the property transferred, or, if a court so orders, the value of such property (at the time of such transfer) from— "(i) the initial transferee of such transfer or the institution-affiliated party or person for whose benefit such transfer was made; or "(ii) any immediate or mediate transferee of any such initial transferee. "(C) RIGHTS OF TRANSFEREE OR OBLIGEE. —The Corporation or any conservator described in subparagraph (A) may not recover under subparagraph (B) from— "(i) any transferee that takes for value, including satisfaction or securing of a present or antecedent debt, in good faith; or "(ii) any immediate or mediate good faith transferee of such transferee. "(D) RIGHTS UNDER THIS PARAGRAPH. —The rights under this paragraph of the Corporation and any conservator described in subparagraph (A) shall be superior to any rights of a trustee or any other party (other than any party which is a Federal agency) under title 11, United States Code.", (b) INSURED CREDIT UNIONS.—Section 207(b) of the Federal Credit Union Act (12 U.S.C. 1787(b)) is amended by adding at the end the following new paragraph: "(16) FRAUDULENT TRANSFERS.— "(A) IN GENERAL.—The Board, as conservator or liquidating agent for any insured credit union, may avoid a transfer of any interest of an institution-affiliated party, or any person who the Board determines is a debtor of the institution, in property, or any obligation incurred by such party or person, that was made within 5 years of the date on which the Board becomes conservator or liquidating agent if such party or person voluntarily or involuntarily made such transfer or incurred such liability with the intent to hinder, delay, or defraud the insured credit union or the Board. "(B) RIGHT OF RECOVERY.— To the extent a transfer is avoided under subparagraph (A), the Board may recover,