28 U.S. Code § 3307 - Defenses, liability, and protection of transferee
Defenses, liability, and protection of transferee
(a)Good Faith Transfer.—
A transfer or obligation is not voidable under section 3304(b) with respect to a person who took in good faith and for a reasonably equivalent value or against any transferee or obligee subsequent to such person.
(b)Limitation.—Except as provided in subsection (d), to the extent a transfer is voidable in an action or proceeding by the United States under section 3306(a)(1), the United States may recover judgment for the value of the asset transferred, but not to exceed the judgment on a debt. The judgment may be entered against—
(c)Value of Asset.—
For purposes of subsection (b), the value of the asset is the value of the asset at the time of the transfer, subject to adjustment as the equities may require.
(d)Rights of Good Faith Transferees and Obligees.—Notwithstanding voidability of a transfer or an obligation under this subchapter, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to—
(e)Exceptions.—A transfer is not voidable under section 3304(a) or section 3304(b)(2) if the transfer results from—
termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law; or
(f)Limitation of Voidability.—A transfer is not voidable under section 3304(a)(2)—
to the extent the insider gives new value to or for the benefit of the debtor after the transfer is made unless the new value is secured by a valid lien;
if made in the ordinary course of business or financial affairs of the debtor and the insider; or
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