
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 28USC3305]

 
               TITLE 28--JUDICIARY AND JUDICIAL PROCEDURE
 
                     PART VI--PARTICULAR PROCEEDINGS
 
             CHAPTER 176--FEDERAL DEBT COLLECTION PROCEDURE
 
           SUBCHAPTER D--FRAUDULENT TRANSFERS INVOLVING DEBTS
 
Sec. 3305. When transfer is made or obligation is incurred

    For the purposes of this subchapter:
        (1) A transfer is made--
            (A) with respect to an asset that is real property (other 
        than a fixture, but including the interest of a seller or 
        purchaser under a contract for the sale of the asset), when the 
        transfer is so far perfected that a good-faith purchaser of the 
        asset from the debtor against whom applicable law permits the 
        transfer to be perfected cannot acquire an interest in the asset 
        that is superior to the interest of the transferee; and
            (B) with respect to an asset that is not real property or 
        that is a fixture, when the transfer is so far perfected that a 
        creditor on a simple contract cannot acquire, otherwise than 
        under this subchapter, a judicial lien that is superior to the 
        interest of the transferee.

        (2) If applicable law permits the transfer to be perfected as 
    approved in paragraph (1) and the transfer is not so perfected 
    before the commencement of an action or proceeding for relief under 
    this subchapter, the transfer is deemed made immediately before the 
    commencement of the action or proceeding.
        (3) If applicable law does not permit the transfer to be 
    perfected as provided in paragraph (1), the transfer is made when it 
    becomes effective between the debtor and the transferee.
        (4) A transfer is not made until the debtor has acquired rights 
    in the asset transferred.
        (5) An obligation is incurred--
            (A) if oral, when it becomes effective between the parties; 
        or
            (B) if evidenced by a writing executed by the obligor, when 
        such writing is delivered to or for the benefit of the obligee.

(Added Pub. L. 101-647, title XXXVI, Sec. 3611, Nov. 29, 1990, 104 Stat. 
4962.)
