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.—
(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—
a reduction in the amount of the liability on the judgment.
(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)—
LII has no control over and does not endorse any external Internet site that contains links to or references LII.