(1) The receiver may set aside the following transactions affecting the assets of the licensed financial institution or licensed financial holding company and recover the assets from the transferee or other beneficiary of the transaction —
(a) gratuitous transfers to directors, officers, and significant shareholders of the licensed financial institution or licensed financial holding company or their relatives made within 3 years prior to the effective date of the receivership;
(b) transactions with related parties or affiliates conducted within 3 years prior to the effective date of the receivership, if detrimental to the interest of depositors and other creditors;
© gratuitous transfers to third parties made within 3 years prior to the effective date of the receivership;
(d) transactions in which the consideration given by the licensed financial institution or licensed financial holding company considerably exceeded the received consideration, made within 3 years prior to the effective date of the receivership;
© a transaction based on a forged or fraudulent document that the licensed financial institution or licensed financial holding company has executed to the detriment of creditors;
(f) any act done with the intention of all parties involved to withhold assets from a licensed financial institution's or licensed financial holding company's depositor and creditors, or otherwise impair their rights, within 5 years prior to the effective date of the receivership; and
(g) transfers of property of the licensed financial institution or licensed financial holding company to, or for the benefit of a depositor or creditor on account of a debt incurred within one year prior to the effective date of the receivership which has the effect of increasing the amount that the depositor or creditor would receive in a liquidation of the licensed financial institution or licensed financial holding company but payment of deposits in an amount equal to or less than $100,000 per depositor shall not be subject to this provision;
(h) any attachment or security interest, except one existing 6 months prior to the effective date of the receivership.
(2) Any action to set aside a transfer under this section shall be taken by the receiver within one year following the effective date of the receivership.
(3) Notwithstanding subsections (1) and (2), the receiver may not set aside a payment or transfer by the licensed financial institution or licensed financial holding company if it was made in the ordinary course of business, or if it was part of a contemporaneous exchange for reasonably equivalent value, or to the extent that following the transfer the recipient extended new unsecured credit to the licensed financial institution or licensed financial holding company which had not been satisfied by the licensed financial institution or licensed financial holding company as of the effective date of the receivership.
(4) The receiver may recover property or the value of property transferred by the licensed financial institution or licensed financial holding company from a transferee of an initial transferee only if the second transferee did not give fair value for the property and knew or reasonably should have known that the initial transfer could be set aside under the provisions of this Act.
(5) The receiver may order that notice of an action to set aside a transfer be recorded in the public records for real estate ownership and any other rights in property and a person taking title to or acquiring any security interest or other interest in the property after the filing of a notice takes his title or interest subject to the rights of the receiver to recover the property.
(6) This section shall not apply to transfers to an asset management company established by the Participating Governments or transfers by the official administrator.