11 Usc 544 Explained
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How to fill out Motion To Avoid Creditor's Lien?
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FAQ
The entire clause is set out in Section 544, which states ?[t]he trustee shall have, as of the commencement of the case, and without regard to any knowledge of the trustee or of any creditor, the rights and powers of, or may avoid any transfer of property of the debtor or any obligation incurred by the debtor? which ...
District Court Rules on Property of the Debtor Requirement for Fraudulent Transfer Claims. Section 544 of the Bankruptcy Code enables trustees to avoid a transfer of ?property of the debtor? where a creditor of the debtor would have such a right under state law.
§544. This statute, known as the ?strong arm? clause, gives the bankrupt- cy trustee the rights of a good faith purchaser or lien creditor as of the date of the debtor's bankruptcy peti- tion.
No change is required in section 544 which provides for payment by Government of the reasonable expenses of complainants and witnesses. As a general provision relating to inquiries and trials, this section could be put in Chapter 24.
?Avoidance action? is an umbrella term for adversary proceedings that seek to unwind (or ?avoid?) transactions that occurred before a bankruptcy filing. These actions are also referred to as ?clawback claims? because, by undoing a transaction, some asset or value is being clawed back into the bankruptcy estate.