House Journal: Page 1369: Monday, April 23, 2001
Page 48
1 is valid to the extent of the present consideration
2 actually paid for which amount the transferee shall
3 have a lien on the property transferred. The
4 commencement of a proceeding in liquidation is
5 constructive notice upon the recording of a copy of
6 the petition for or order of liquidation with the
7 recording or deeds in the county where any real
8 property in question is located. The exercise by a
9 court of the United States or a state or jurisdiction
10 to authorize a judicial sale of real property of the
11 establishment within a county in a state shall not be
12 impaired by the pendency of a proceeding unless the
13 copy is recorded in the county prior to the
14 consummation of the judicial sale.
15 b. After a petition for liquidation has been filed
16 and before either the liquidator takes possession of
17 the property of the establishment or an order of
18 liquidation is granted:
19 (1) A transfer of the property, other than real
20 property, of the establishment made to a person acting
21 in good faith is valid against the liquidator if made
22 for a present fair equivalent value. If the transfer
23 was not made for a present fair equivalent value, then
24 the transfer is valid to the extent of the present
25 consideration actually paid for which amount the
26 transferee shall have a lien on the property
27 transferred.
28 (2) If acting in good faith, a person indebted to
29 the establishment or holding property of the
30 establishment may pay the debt or deliver the
31 property, or any part of the property, to the
32 establishment or upon the establishment's order as if
33 the petition were not pending.
34 (3) A person having actual knowledge of the
35 pending liquidation is not acting in good faith.
36 (4) A person asserting the validity of a transfer
37 under this subsection has the burden of proof. Except
38 as provided in this subsection, a transfer by or on
39 behalf of the establishment after the date of the
40 petition for liquidation by any person other than the
41 liquidator is not valid against the liquidator.
42 c. A person receiving any property from the
43 establishment or any benefit of the property of the
44 establishment which is a fraudulent transfer under
45 paragraph "a" is personally liable for the property or
46 benefit and shall account to the liquidator.
47 d. This chapter does not impair the negotiability
48 of currency or negotiable instruments.
49 9. VOIDABLE PREFERENCES AND LIENS.
50 a. (1) A preference is a transfer of the property
© 2001 Cornell College and
League of Women Voters of Iowa
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