Section 749 indicates that if the trustee avoids a transfer, property recovered is customer property to any extent it would have been customer property but for the transfer. The section clarifies that a customer who receives a transfer of property of the debtor is a creditor and that property in a customer’s account is property of a creditor for purposes of the avoiding powers.

2009—Subsec. (span). Puspan. L. 111–16 substituted “seven days” for “five days” in introductory provisions.

1982—Puspan. L. 97–222 substituted “(a) Except as otherwise provided in this section, any” for “Any”, and “but” for “except”, inserted “such property”, substituted “or 549” for “549, or 724(a)”, and added subsec. (span).

Amendment by Puspan. L. 111–16 effective Dec. 1, 2009, see section 7 of Puspan. L. 111–16, set out as a note under section 109 of this title.