Issue link: https://mbozikis.ufcontent.com/i/1422521
119 that occurred within two years of the bankruptcy, Pennsylvania and Delaware both provide a four-year statute of limitations for actions to avoid fraudulent transfers, and New York provides a six- year statute of limitations to avoid such transfers. 4. Postpetition Transactions The trustee is authorized to avoid a postpetition transfer of property of the estate that is (i) authorized only under Section 303(f) or 542(c) of the Bankruptcy Code or (ii) not authorized under the Bankruptcy Code or by the court. 11 U.S.C. § 549(a). 69 Notwithstanding the foregoing, some transfers that are authorized only under Section 303(f) or 542(c) of the Bankruptcy Code are protected from avoidance. For example, the trustee may not use Section 549(a) to avoid a transfer made during the gap period in an involuntary case to the extent that any postpetition value (excluding satisfaction of a prepetition debt) was given in exchange for such transfer, regardless of any notice or knowledge by the transferee of the case. 11 U.S.C. § 549(b); see also Speciner v. Gettinger Assocs. (In re Brooklyn Overall Co.), 57 B.R. 999, 1002 (Bankr. E.D.N.Y. 1986). Moreover, the value provided need not be given prior to or simultaneously with the transfer of property so long as value is given during the gap period. 11 U.S.C. § 549(b); see also In re Pucci Shoes, Inc., 120 F.3d 38, 41-42 (4th Cir. 1997). Additionally, under Section 549(a), the trustee is not permitted to avoid a transfer of an interest in real estate that is perfected via recording to a good faith purchaser who lacked knowledge of the commencement of the case, and which was for present fair equivalent value, unless a copy or notice of the bankruptcy petition was filed with the applicable real estate recording office prior to 69 Section 303(f) refers to transactions that take place during the period between the filing of the petition and the entry of an order for relief in an involuntary bankruptcy case (the so-called "gap period"). Section 542(c) refers to transfers of estate property made by an entity lacking actual notice and actual knowledge of the commencement of the debtor's bankruptcy case.