(1) The receiver or assignee upon qualifying shall be vested by operation of law with the title of the debtor as of the date of the filing of the petition or assignment hereunder, except so far as it is property which is exempt, including: (a) Property transferred by the debtor in fraud of the debtor’s creditors. (b) Property which prior to the filing of the petition or assignment the debtor could by any means have transferred or which might have been levied upon and sold under judicial process against the debtor. (c) Rights of action arising upon contracts or from the unlawful taking or detention of or injury to the debtor’s property. (2) The receiver or assignee may avoid any transfer by the debtor of the debtor’s property which any creditor might have avoided and may recover the property so transferred or its value from the person to whom it was transferred unless the transferee was a bona fide holder for value prior to the filing of the petition or assignment hereunder.
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