428.034. When transfer is made or obligation is incurred. - Missouri Statutes

When transfer is made or obligation is incurred.

428.034. For the purposes of sections 428.005 to 428.059:

(1) A transfer is made:

(a) With respect to an asset that is real property otherthan a fixture, but including the interest of a seller orpurchaser under a contract for the sale of the asset, when thetransfer is so far perfected that a good-faith purchaser of theasset from the debtor against whom applicable law permits thetransfer to be perfected cannot acquire an interest in the assetthat is superior to the interest of the transferee; and

(b) With respect to an asset that is not real property orthat is a fixture, when the transfer is so far perfected that acreditor on a simple contract cannot acquire a judicial lienotherwise than under sections 428.005 to 428.059 that is superiorto the interest of the transferee;

(2) If applicable law permits the transfer to be perfectedas provided in subdivision (1) of this section and the transferis not so perfected before the commencement of an action forrelief under sections 428.005 to 428.059, 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) of this section, thetransfer is made when it becomes effective between the debtor andthe transferee;

(4) A transfer is not made until the debtor has acquiredrights in the asset transferred;

(5) An obligation is incurred:

(a) If oral, when it becomes effective between the parties;or

(b) If evidenced by a writing, when the writing executed bythe obligor is delivered to or for the benefit of the obligee.

(L. 1992 S.B. 448)