(1)After a petition for
rehabilitation or liquidation has been filed, a transfer of any of the real property of
the insurer made to a person acting in good faith shall be valid against the receiver
if made for a present fair equivalent value; or, if not made for a present fair
equivalent value, then to the extent of the present consideration actually paid
therefore, for which amount the transferee shall have a lien on the property so
transferred. The commencement of a proceeding in rehabilitation or liquidation
shall be constructive notice upon the recording of a copy of the petition for or order
of rehabilitation or liquidation with the recorder of deeds in the county where any
real property in question is located. The exercise by a court of the United states or
any state or ju
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(1) After a petition for
rehabilitation or liquidation has been filed, a transfer of any of the real property of
the insurer made to a person acting in good faith shall be valid against the receiver
if made for a present fair equivalent value; or, if not made for a present fair
equivalent value, then to the extent of the present consideration actually paid
therefore, for which amount the transferee shall have a lien on the property so
transferred. The commencement of a proceeding in rehabilitation or liquidation
shall be constructive notice upon the recording of a copy of the petition for or order
of rehabilitation or liquidation with the recorder of deeds in the county where any
real property in question is located. The exercise by a court of the United states or
any state or jurisdiction to authorize or effect a judicial sale of real property of the
insurer within any county in any state shall not be impaired by the pendency of such
a proceeding unless the copy is recorded in the county prior to the consummation
of the judicial sale.
(2) After a petition for rehabilitation or liquidation has been filed and before
either the receiver takes possession of the property of the insurer or an order of
rehabilitation or liquidation is granted:
(a) A transfer of any of the property of the insurer, other than real property,
made to a person acting in good faith shall be valid against the receiver if made for
a present fair equivalent value; or, if not made for a present fair equivalent value,
then to the extent of the present consideration actually paid therefore, for which
amount the transferee shall have a lien on the property so transferred.
(b) A person indebted to the insurer or holding property of the insurer may, if
acting in good faith, pay the indebtedness or deliver the property, or any part
thereof, to the insurer or upon the insurer's order, with the same effect as if the
petition were not pending.
(c) A person having actual knowledge of the pending rehabilitation or
liquidation shall be deemed not to act in good faith.
(d) A person asserting the validity of a transfer under this section shall have
the burden of proof. Except as elsewhere provided in this section, no transfer by or
on behalf of the insurer after the date of the petition for liquidation by any person
other than the liquidator shall be valid against the liquidator.
(3) Every person receiving any property from the insurer or any benefit
thereof which is a fraudulent transfer under subsection (1) of this section shall be
personally liable therefore and shall be bound to account to the liquidator.
(4) Nothing in this part 5 shall impair the negotiability of currency or
negotiable instruments.
(5) Notwithstanding subsection (1) of this section and any other provision of
this title, a receiver shall not avoid any transfer of, or any obligation to transfer,
money or any other property arising under or in connection with a federal home loan
bank security agreement or any pledge agreement, security agreement, collateral
agreement, guarantee agreement, or other similar arrangement or credit
enhancement relating to a security agreement to which a federal home loan bank is
a party; except that a transfer may be avoided under this section if it was made with
actual intent to hinder, delay, or defraud either existing or future creditors.