§ 34-14-209 — Defenses, liability and protection of transferee

(a) A transfer or obligation is not voidable under W.S.
34-14-205(a)(i) against a person who took in good faith and for
a reasonably equivalent value or against any subsequent
transferee or obligee.
(b) Except as otherwise provided in this section, to the
extent a transfer is voidable in an action by a creditor under
W.S. 34-14-208(a)(i), the creditor may recover judgment for the
value of the asset transferred, as adjusted under subsection (c)
of this section, or the amount necessary to satisfy the
creditor's claim, whichever is less. The judgment may be
entered against:
(i) The first transferee of the asset or the person
for whose benefit the transfer was made; or
(ii) Any subsequent transferee other than a good-
faith transferee or obligee who took for value or from any
subsequent transferee or obligee.
(c) If the judgment under subsection (b) of this section
is based upon the value of the asset transferred, the judgment
must be for an amount equal to the value of the asset at the
time of the transfer, subject to adjustment as the equities may
require.
(d) Notwithstanding voidability of a transfer or an
obligation under this act, a good-faith transferee or obligee is
entitled, to the extent of the value given the debtor for the
transfer or obligation, to:
(i) A lien on or a right to retain any interest in
the asset transferred;
(ii) Enforcement of any obligation incurred; or
(iii) A reduction in the amount of the liability on
the judgment.
(e) A transfer is not voidable under W.S. 34-14-205(a)(ii)
or 34-14-206 if the transfer results from:
(i) Termination of a lease upon default by the debtor
when the termination is pursuant to the lease and applicable
law; or
(ii) Enforcement of a security interest in compliance
with article 9 of the Uniform Commercial Code.
(f) A transfer is not voidable under W.S. 34-14-206(b):
(i) To the extent the insider gave a new value to or
for the benefit of the debtor after the transfer was made unless
the new value was secured by a valid lien;
(ii) If made in the ordinary course of business or
financial affairs of the debtor and the insider; or
(iii) If made pursuant to a good-faith effort to
rehabilitate the debtor and the transfer secured present value
given for that purpose as well as an antecedent debt of the
debtor.