(a) Except as provided in subsection (b) or (c) of this section, the 
trustee may avoid a transfer of property of the estate--
        (1) that occurs after the commencement of the case; and
        (2)(A) that is authorized only under section 303(f) or 542(c) of 
    this title; or
        (B) that is not authorized under this title or by the court.

    (b) In an involuntary case, the trustee may not avoid under 
subsection (a) of this section a transfer made after the commencement of 
such case but before the order for relief to the extent any value, 
including services, but not including satisfaction or securing of a debt 
that arose before the commencement of the case, is given after the 
commencement of the case in exchange for such transfer, notwithstanding 
any notice or knowledge of the case that the transferee has.
    (c) The trustee may not avoid under subsection (a) of this section a 
transfer of real property to a good faith purchaser without knowledge of 
the commencement of the case and for present fair equivalent value 
unless a copy or notice of the petition was filed, where a transfer of 
such real property may be recorded to perfect such transfer, before such 
transfer is so perfected that a bona fide purchaser of such property, 
against whom applicable law permits such transfer to be perfected, could 
not acquire an interest that is superior to the interest of such good 
faith purchaser. A good faith purchaser without knowledge of the 
commencement of the case and for less than present fair equivalent value 
has a lien on the property transferred to the extent of any present 
value given, unless a copy or notice of the petition was so filed before 
such transfer was so perfected.
    (d) An action or proceeding under this section may not be commenced 
after the earlier of--
        (1) two years after the date of the transfer sought to be 
    avoided; or
        (2) the time the case is closed or dismissed.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2601; Pub. L. 98-353, title III, 
Sec. 464, July 10, 1984, 98 Stat. 379; Pub. L. 99-554, title II, 
Sec. 283(o), Oct. 27, 1986, 100 Stat. 3117; Pub. L. 103-394, title V, 
Sec. 501(d)(18), Oct. 22, 1994, 108 Stat. 4146.)


                      Historical and Revision Notes

                         legislative statements


    Section 549 of the House amendment has been redrafted in order to 
incorporate sections 342(b) and (c) of the Senate amendment. Those 
sections have been consolidated and redrafted in section 549(c) of the 
House amendment. Section 549(d) of the House amendment adopts a 
provision contained in section 549(c) of the Senate amendment.


                        senate report no. 95-989

    This section modifies section 70d of current law [section 110(d) of 
former title 11]. It permits the trustee to avoid transfers of property 
that occur after the commencement of the case. The transfer must either 
have been unauthorized, or authorized under a section that protects only 
the transferor. Subsection (b) protects ``involuntary gap'' transferees 
to the extent of any value (including services, but not including 
satisfaction of a debt that arose before the commencement of the case), 
given after commencement in exchange for the transfer. Notice or 
knowledge of the transferee is irrelevant in determining whether he is 
protected under this provision.


                               Amendments

    1994--Subsec. (b). Pub. L. 103-394 inserted ``the trustee may not 
avoid under subsection (a) of this section'' after ``involuntary 
case,''.
    1986--Subsec. (b). Pub. L. 99-554 substituted ``made'' for ``that 
occurs'', and ``to the extent'' for ``is valid against the trustee to 
the extent of'', and inserted ``is'' before ``given''.
    1984--Subsec. (a). Pub. L. 98-353, Sec. 464(a)(1), (2), substituted 
``(b) or (c)'' for ``(b) and (c)'' in provisions preceding par. (1) and 
inserted ``only'' between ``authorized'' and ``under'' in par. (2)(A). 
In the original of Pub. L. 98-353, subsec. (a)(2) of section 464 thereof 
ended with a period but was followed by pars. (3), (4), and (5). Such 
pars. (3), (4), and (5) purported to amend subsec. (a) of this section 
in ways not susceptible of execution. In a predecessor bill [S. 445], 
these pars. (3), (4), and (5) formed a part of a subsec. (b) of section 
361 thereof which amended subsec. (b) of this section. Such subsec. (b) 
of section 361 of S. 445 was not carried into Pub. L. 98-353, Sec. 464.
    Subsec. (c). Pub. L. 98-353, Sec. 464(c), amended subsec. (c) 
generally. Prior to amendment, subsec. (c) read as follows: ``The 
trustee may not avoid under subsection (a) of this section a transfer, 
to a good faith purchaser without knowledge of the commencement of the 
case and for present fair equivalent value or to a purchaser at a 
judicial sale, of real property located other than in the county in 
which the case is commenced, unless a copy of the petition was filed in 
the office where conveyances of real property in such county are 
recorded before such transfer was so far perfected that a bona fide 
purchaser of such property against whom applicable law permits such 
transfer to be perfected cannot acquire an interest that is superior to 
the interest of such good faith or judicial sale purchaser. A good faith 
purchaser, without knowledge of the commencement of the case and for 
less than present fair equivalent value, of real property located other 
than in the county in which the case is commenced, under a transfer that 
the trustee may avoid under this section, has a lien on the property 
transferred to the extent of any present value given, unless a copy of 
the petition was so filed before such transfer was so perfected.''
    Subsec. (d)(1). Pub. L. 98-353, Sec. 464(d), substituted ``or'' for 
``and''.


                    Effective Date of 1994 Amendment

    Amendment by Pub. L. 103-394 effective Oct. 22, 1994, and not 
applicable with respect to cases commenced under this title before Oct. 
22, 1994, see section 702 of Pub. L. 103-394, set out as a note under 
section 101 of this title.


                    Effective Date of 1986 Amendment

    Amendment by Pub. L. 99-554 effective 30 days after Oct. 27, 1986, 
see section 302(a) of Pub. L. 99-554, set out as a note under section 
581 of Title 28, Judiciary and Judicial Procedure.


                    Effective Date of 1984 Amendment

    Amendment by Pub. L. 98-353 effective with respect to cases filed 90 
days after July 10, 1984, see section 552(a) of Pub. L. 98-353, set out 
as a note under section 101 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 106, 303, 349, 502, 522, 
546, 550, 551, 749, 764, 901, 926 of this title.