Cite as: 522 U. S. 211 (1998)
Opinion of the Court
looked to state-law rules to determine the effective date of transfer, did not allow those rules to extend the creditor's opportunity to act beyond the uniform outer time limit that it provided. In light of this history, we see no basis to say that subsequent amendments removing references to state-law options had the counterintuitive effect of deferring to such options even beyond what the old law would have done.
In short, the text, structure, and history of the preference provisions lead to the understanding that a creditor may invoke the enabling loan exception of § 547(c)(3) only by acting to perfect its security interest within 20 days after the debtor takes possession of its property.
* * *
Accordingly, we affirm the judgment of the Court of Appeals for the Eighth Circuit.
It is so ordered.
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