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117 of Section 548, a transfer occurs (i) when it is perfected so that it would be invulnerable to attack by a bona fide purchaser or (ii) just prior to the bankruptcy filing if not so perfected before commencement of the case. 11 U.S.C. § 548(d)(1). Moreover, the Bankruptcy Code provides a special provision governing the avoidance of transfers of partnership property. Section 548(b) provides that transfers by a debtor partnership to a general partner within two years of the bankruptcy filing may be avoided regardless of reasonably equivalent value if the debtor was insolvent at the time of the transfer or obligation or became so as a result of the transaction. 11 U.S.C. § 548(b) Additionally, Section 548(c) protects certain transferees by providing an exception to the voidability of fraudulent transfers for transferees that accept property from the debtor in exchange for "value and in good faith." As stated above, "value" is defined according to Section 548(d)(2). The good faith prong of Section 548(c) requires: (i) an arm's-length transaction; (ii) an honest belief in the propriety of the activities in question; (iii) no intent to take unconscionable advantage of others; and (iv) no intent to, or knowledge of the fact that the activities in question will, hinder, delay or defraud others. See Hirsch v. Cahill (In re Colonial Realty Co.), 210 B.R. 921 (Bankr. D. Conn. 1997). In In re Sentinel Mgmt. Grp., Inc., 809 F.3d 958 (7th Cir. 2016), the Seventh Circuit Court of Appeals held that where a lender was on "inquiry notice" (i.e., the lender was suspicious and should have inquired further as to the borrower's source of additional collateral) that where collateral posted by the borrower were the fruits of an actual fraudulent conveyance, the lender was not entitled to the protections of Section 548(c). There are also special provisions for qualified financial contracts which insulate certain transfers from attack as constructively fraudulent as discussed in more detail in Chapter V.G.1.

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