When transfer is made or obligation incurred
Sec. 16. The following apply for purposes of this chapter:
(1) A transfer is made:
(A) with respect to an asset that is real property other than a
fixture (but including the interest of a seller or purchaser
under a contract for the sale of the asset), when the transfer
is so far perfected that a good faith purchaser of the asset
from the debtor against whom applicable law permits the
transfer to be perfected cannot acquire an interest in the
asset that is superior to the interest of the transferee; and
(B) with respect to an asset that is not real property or that is
a fixture, when the transfer is so far perfected that a creditor
on a simple contract cannot acquire a judicial lien (other
than under this chapter) that is superior to the interest of the
transferee.
(2) If applicable law permits a transfer to be perfected under
subdivision (1) and the transfer is not so perfected before the
commencement of an action for relief under this chapter, the
transfer is considered made immediately before the
commencement of the action.
(3) If applicable law does not permit a transfer to be perfected
under subdivision (1), the transfer is made when it becomes
effective between the debtor and the transferee.
(4) A transfer is not made until the debtor has acquired rights in
the asset transferred.
(5) An obligation is incurred:
(A) if oral, when it becomes effective between the parties; or
(B) if evidenced by a writing, when the writing executed by
the obligor is delivered to or for the benefit of the obligee.
As added by P.L.2-2002, SEC.3.
Last modified: May 24, 2006