Effective - 28 Aug 1992
428.044. Defenses, liability, and protection of transferee. — 1. A transfer or obligation is not voidable under subdivision (1) of subsection 1 of section 428.024 against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.
2. Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under subdivision (1) of subsection 1 of section 428.039, the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection 3 of this section or the amount necessary to satisfy the creditor's claim, whichever is less. The judgment may be entered against:
(1) The first transferee of the asset or the person for whose benefit the transfer was made; or
(2) Any subsequent transferee other than a good-faith transferee who took for value or from any subsequent transferee.
3. If the judgment under subsection 2 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.
4. Notwithstanding voidability of a transfer or an obligation under sections 428.005 to 428.059, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to:
(1) A lien on or a right to retain any interest in the asset transferred;
(2) Enforcement of any obligation incurred; or
(3) A reduction in the amount of the liability on the judgment.
5. A transfer is not voidable under subdivision (2) of subsection 1 of section 428.024 or section 428.029 if the transfer results from:
(1) Termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law; or
(2) Enforcement of a security interest in compliance with sections 400.9-101 to 400.9-507.
6. A transfer is not voidable under subsection 2 of section 428.029:
(1) To the extent the insider gave 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;
(2) If made in the ordinary course of business or financial affairs of the debtor and the insider; or
(3) 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.
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(L. 1992 S.B. 448)
Structure Missouri Revised Statutes
Title XXVII - Debtor-Creditor Relations
Chapter 428 - Fraudulent Conveyances and Liens
Section 428.005 - Short title.
Section 428.009 - Definitions.
Section 428.024 - Transfers fraudulent as to present and future creditors.
Section 428.029 - Transfers fraudulent as to present creditors.
Section 428.034 - When transfer is made or obligation is incurred.
Section 428.039 - Remedies of creditors.
Section 428.044 - Defenses, liability, and protection of transferee.
Section 428.049 - Extinguishment of claim for relief or cause of action.
Section 428.054 - Supplementary provisions.
Section 428.059 - Uniformity of applications and construction.
Section 428.105 - Definitions.
Section 428.115 - Lien claimant may petition court, procedure.
Section 428.120 - Petition to declare lien invalid, procedure.
Section 428.125 - Contents of order — remedies — copy of order to be filed.
Section 428.130 - Filing officers not liable.
Section 428.135 - Liability for filing or recording certain documents.