Oregon Revised Statutes Chapter 95 § 95.270 — Defenses, liability and protection of transferee or obligee

Defenses, liability and protection of transferee or obligee. (1) A transfer or obligation is not voidable under ORS 95.230 (1)(a) as against a person that took in good faith and for a reasonably equivalent value given the debtor or as against any subsequent transferee or obligee. (2) To the extent a transfer is avoidable in an action by a creditor under ORS 95.260 (1)(a), the following apply: (a) Except as otherwise provided in this section, the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (3) of this section, or the amount necessary to satisfy the creditor’s claim, whichever is less. The judgment may be entered against: (A) The first transferee of the asset or the person for whose benefit the transfer was made; or (B) An immediate or mediate transferee of the first transferee, other than: (i) A good-faith transferee that took for value; or (ii) An immediate or mediate good-faith transferee of a person described in sub-subparagraph (i) of this subparagraph. (b) Recovery under ORS 95.260 (1)(a) or (2) of, or from, the asset transferred or its proceeds, by levy or otherwise, is available only against a person described in paragraph (a) of this subsection. (3) If the judgment under subsection (2) of this section is based upon the value of the asset transferred, the judgment must be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require. (4) Notwithstanding voidability of a transfer or an obligation under ORS 95.200 to 95.310, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to: (a) A lien on or a right to retain any interest in the asset transferred; (b) Enforcement of any obligation incurred; or (c) A reduction in the amount of the liability on the judgment. (5) A transfer is not voidable under ORS 95.230 (1)(b) or 95.240 if the transfer results from: (a) Termination of a lease upon default by the debtor when the termination is pursuant to the terms of the lease and applicable law; or (b) Enforcement of a security interest in compliance with ORS chapter 79A, other than acceptance of collateral in full or partial satisfaction of the obligation the collateral secures. (6) A transfer is not voidable under ORS 95.240 (2): (a) To the extent the insider gave new value to or for the benefit of the debtor after the transfer was made unless the new value was secured by an otherwise unavoidable lien; (b) If made in the ordinary course of business or financial affairs of the debtor and the insider; or (c) If made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured present value given for that purpose as well as an antecedent debt of the debtor. (7) The burden of proving matters referred to in this section is determined as follows: (a) A party that seeks to invoke subsection (1), (4), (5) or (6) of this section has the burden of proving the applicability of the subsection. (b) Except as otherwise provided in paragraphs (c) and (d) of this subsection, the creditor has the burden of proving each applicable element of subsection (2) or (3) of this section. (c) The transferee has the burden of proving the applicability to the transferee of subsection (2)(a)(B)(i) or (ii) of this section. (d) A party that seeks adjustment under subsection (3) of this section has the burden of proving the adjustment. (8) The standard of proof required to establish matters referred to in this section is preponderance of the evidence. [1985 c.664 §8; 2001 c.445 §167; 2023 c.83 §11; 2025 c.33 §102a]