(1) A transfer or obligation is not voidable under s. 242.04 (1) (a) against a person who took in good faith and for a reasonably equivalent value given the debtor or against any subsequent transferee or obligee. (2) To the extent a transfer is voidable in an action by a creditor under s. 242.07 (1) (a), all of the following rules apply: (am) Except as otherwise provided in this section, the creditor may recover judgment for the value of the asset transferred, as adjusted under sub. (3), or the amount necessary to satisfy the creditor’s claim, whichever is less. The judgment may be entered against any of the following: 1. The first transferee of the asset or the person for whose benefit the transfer was made. 2. An immediate or mediate transferee of the first transferee, other than any of the following: a. A good faith transferee who took for value. b. An immediate or mediate good faith transferee of a person described in subd. 2. a. (bm) Recovery pursuant to s. 242.07 (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 par. (am) 1. or 2. (3) If the judgment under sub. (2) 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 this chapter, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to any of the following: (a) A lien on or a right to retain any interest in the asset transferred. (b) Enforcement of any obligation incurred. (c) A reduction in the amount of the liability on the judgment. (5) A transfer is not voidable under s. 242.04 (1) (b) or 242.05 if the transfer results from any of the following: (a) Termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law. (b) Enforcement of a security interest in compliance with ch. 409, other than acceptance of collateral in full or partial satisfaction of the obligation it secures. (6) A transfer is not voidable under s. 242.05 (2): (a) To the extent that 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 a valid 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 following rules determine the burden of proving matters referred to in this section: (a) A party that seeks to invoke sub. (1), (4), (5), or (6) has the burden of proving the applicability of that subsection. (b) Except as otherwise provided in pars. (c) and (d), the creditor has the burden of proving each applicable element of sub. (2) or (3). (c) The transferee has the burden of proving the applicability to the transferee of sub. (2) (am) 2. a. or b. (d) A party that seeks adjustment under sub. (3) 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.
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