SB643,22 Section 22. 242.08 (1) of the statutes is amended to read:

SB643,6,19 242.08 (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.

SB643,23 Section 23. 242.08 (2) (intro.) of the statutes is amended to read:

SB643,6,23 242.08 (2) (intro.) Except as otherwise provided in this section, to 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:

SB643,7,2 (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:

SB643,24 Section 24. 242.08 (2) (a) of the statutes is renumbered 242.08 (2) (am) 1.

SB643,25 Section 25. 242.08 (2) (am) 2. b. and (bm) of the statutes are created to read:

SB643,7,6 242.08 (2) (am) 2. b. An immediate or mediate good faith transferee of a person described in subd. 2. a.

SB643,7,9 (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.

SB643,26 Section 26. 242.08 (2) (b) of the statutes is renumbered 242.08 (2) (am) 2. and amended to read:

SB643,7,13 242.08 (2) (am) 2. Any subsequent An immediate or mediate transferee of the first transferee, other than a any of the following:

SB643,7,14 a. A good faith transferee who took for value or from any subsequent transferee.

SB643,27 Section 27. 242.08 (5) (b) of the statutes is amended to read:

SB643,7,18 242.08 (5) (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.

SB643,28 Section 28. 242.08 (7) and (8) of the statutes are created to read:

SB643,7,21 242.08 (7) The following rules determine the burden of proving matters referred to in this section:

SB643,7,23 (a) A party that seeks to invoke sub. (1), (4), (5), or (6) has the burden of proving the applicability of that subsection.

SB643,7,25 (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).

SB643,8,2 (c) The transferee has the burden of proving the applicability to the transferee of sub. (2) (am) 2. a. or b.

SB643,8,4 (d) A party that seeks adjustment under sub. (3) has the burden of proving the adjustment.

SB643,8,6 (8) The standard of proof required to establish matters referred to in this section is preponderance of the evidence.

SB643,29 Section 29. 242.094 of the statutes is created to read:

SB643,8,9 242.094 Governing law. (1) In this section, the following rules determine a debtor's location:

SB643,8,11 (a) A debtor who is an individual is located at the individual's principal residence.

SB643,8,13 (b) A debtor that is an organization and has only one place of business is located at its place of business.

SB643,8,15 (c) A debtor that is an organization and that has more than one place of business is located at its chief executive office.

SB643,8,18 (2) A claim for relief in the nature of a claim for relief under this chapter is governed by the local law of the jurisdiction in which the debtor is located when the transfer is made or the obligation is incurred.

SB643,30 Section 30. 242.096 of the statutes is created to read:

SB643,8,20 242.096 Application to series organization. (1) In this section: