214
Opinion of the Court
could not extend the 20-day perfection period imposed by § 547(c)(3)(B). In re Beasley, 183 B. R. 857 (Bkrtcy. Ct. WD Mo. 1995). Fidelity appealed to the United States District Court for the Western District of Missouri, which affirmed on substantially the same grounds, as did the Court of Appeals for the Eighth Circuit, holding a transfer to be perfected "when the transferee takes the last step required by state law to perfect its security interest." 102 F. 3d 334, 335 (1996) (per curiam) (internal quotation marks omitted).
We granted certiorari, 520 U. S. 1209 (1997), to resolve a conflict among the Circuits over the question when a transfer is "perfected" under § 547(c)(3)(B).2 We affirm.
II
Without regard to whether Fidelity's lien is a preference under § 547(b), Fink cannot avoid the lien if it falls within the enabling loan exception of § 547(c)(3), one requirement of which is that the transfer of the interest securing the lien be "perfected on or before 20 days after the debtor receives possession." 11 U. S. C. § 547(c)(3)(B). Perfection turns on the definition provided by § 547(e)(1)(B), that "a transfer of . . . property other than real property is perfected when a creditor on a simple contract cannot acquire a judicial lien that is superior to the interest of the transferee."
Like the Courts of Appeals that have adopted its position, see n. 2, supra, Fidelity sees in subsection (c)(3)(B) not only a federal guarantee that a creditor will have 20 days to act, but also a reflection of state law that deems perfection within
2 Compare In re Locklin, 101 F. 3d 435, 442 (CA5 1996) (holding that § 547(c)(3)(B) perfection period prevails over a longer grace period provided by state law); In re Walker, 77 F. 3d 322, 323-324 (CA9 1996) (same); and In re Hamilton, 892 F. 2d 1230, 1234-1235 (CA5 1990) (same), with In re Hesser, 984 F. 2d 345, 348-349 (CA10 1993) (holding that a transfer is perfected under § 547(c)(3)(B) as of the date that the creditor's lien has priority under state law), and In re Busenlehner, 918 F. 2d 928, 930-931 (CA11 1990) (same), cert. denied sub nom. Moister v. General Motors Acceptance Corp., 500 U. S. 949 (1991).
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