§ 6-16-6 - When transfer is made or obligation is incurred.
SECTION 6-16-6
§ 6-16-6 When transfer is made orobligation is incurred. – For the purposes of this chapter:
(1) A transfer is made:
(i) With respect to an asset that is real property other thana fixture, but including the interest of a seller or purchaser under a contractfor the sale of the asset, when the transfer is so far perfected that a goodfaith purchaser of the asset from the debtor against whom applicable lawpermits the transfer to be perfected cannot acquire an interest in the assetthat is superior to the interest of the transferee; and
(ii) With respect to an asset that is not real property orthat is a fixture, when the transfer is so far perfected that a creditor on asimple contract cannot acquire a judicial lien otherwise than under thischapter that is superior to the interest of the transferee;
(2) If applicable law permits the transfer to be perfected asprovided in subdivision (1) and the transfer is not so perfected before thecommencement of an action for relief under this chapter, the transfer is deemedmade immediately before the commencement of the action;
(3) If applicable law does not permit the transfer to beperfected as provided in subdivision (1), the transfer is made when it becomeseffective between the debtor and the transferee;
(4) A transfer is not made until the debtor has acquiredrights in the asset transferred;
(5) An obligation is incurred:
(i) If oral, when it becomes effective between the parties; or
(ii) If evidenced by a writing, when the writing executed bythe obligor is delivered to or for the benefit of the obligee.