Section 547 (Preference Actions)
Section 547: trustee recovers preferential transfers. 90 days (1 year for insiders). Elements: debtor’s property, to creditor, for antecedent debt, while insolvent (presumed 90 days), receiving more than Ch. 7. Defenses: contemporaneous exchange, ordinary course, subsequent new value, and PMSI (perfected 30 days). FL: vendors, banks, landlords, and professionals may face claims. Document ordinary course patterns.
Elements
- Transfer to creditor for old debt
- Debtor insolvent (presumed)
- More than Ch. 7 distribution
Defenses
- Contemporaneous exchange
- Ordinary course of business
- New value, PMSI
FL Impact
- Vendors, banks, landlords at risk
- Document payment patterns
- Consult attorney if demand received
Related Terms
- Bankruptcy — Debt relief
Barnes Walker Bankruptcy
Barnes Walker’s attorneys defend preference actions in Florida. Request a legal inquiry for assistance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC