394
Opinion of the Court
over to Barnhill. Thus, it was not until the debtor directed the bank to honor the check and the bank did so, that the debtor implemented a "mode . . . of disposing . . . of property or . . . an interest in property" under § 101(54) and a "transfer" took place. Pp. 399-400. (c) Barnhill's argument that delivery of a check should be viewed as a "conditional" transfer is rejected. Any chose in action against the debtor that he gained when he received the check cannot be fairly characterized as a conditional right to "property or . . . an interest in property," since, until the moment of honor, the debtor remained in full control over the account's disposition and the account remained subject to a variety of actions by third parties. In addition, the rule of honor is consistent with § 547(e)(2)(A), which provides that a transfer occurs at the time it "takes effect between the transferor and the transferee," particularly since the debtor here retained the ability to stop payment on the check until the very last. Barnhill's appeal to legislative history is also unavailing. Pp. 400-402.
931 F. 2d 689, affirmed.
Rehnquist, C. J., delivered the opinion of the Court, in which White, O'Connor, Scalia, Kennedy, Souter, and Thomas, JJ., joined. Stevens, J., filed a dissenting opinion, in which Blackmun, J., joined, post, p. 403.
William J. Arland III argued the cause for petitioner. With him on the briefs was Emily A. Franke.
Nancy S. Cusack argued the cause for respondent. With her on the brief were William P. Johnson and Andrew J. Cloutier.
Chief Justice Rehnquist delivered the opinion of the Court.
Under the Bankruptcy Code's preference avoidance section, 11 U. S. C. § 547, the trustee is permitted to recover, with certain exceptions, transfers of property made by the debtor within 90 days before the date the bankruptcy petition was filed. We granted certiorari to decide whether, in determining if a transfer occurred within the 90-day preference period, a transfer made by check should be deemed to occur on the date the check is presented to the recipient or
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