CRD Welcome Package

provision;

(h) any attachment or security interest, except one existing six months prior to the effective date of the receivership.

(2) Any action to set aside a transfer under this section shall be taken by the receiver within one year following the effective date of the receivership.

(3) Notwithstanding subsections (1) and (2), the receiver may not set aside a payment or transfer by the licensed financial institution or licensed financial holding company if it was made in the ordinary course of business, or if it was part of a contemporaneous exchange for reasonably equivalent value, or to the extent that following the transfer the recipient extended new unsecured credit to the licensed financial institution or licensed financial holding company which had not been satisfied by the licensed financial institution or licensed financial holding company as of the effective date of the receivership. (4) The receiver may recover property or the value of property transferred by the licensed financial institution or licensed financial holding company from a transferee of an initial transferee only if the second transferee did not give fair value for the property and knew or reasonably should have known that the initial transfer could be set aside under the provisions of this Act. (5) The receiver may order that notice of an action to set aside a transfer be recorded in the public records for real estate ownership and any other rights in property and a person taking title to or acquiring any security interest or other interest in the property after the filing of a notice takes his title or interest subject to the rights of the receiver to recover the property.

(6) This section shall not apply to transfers to an asset management company established by the Participating Governments or transfers by the official administrator.

110