To deter corporate fraud and prevent the abuse of State self-settled trust law.

SA 121. Mr. TALENT submitted an amendment intended to be proposed by
him to the bill S. 256, to amend title 11 of the United States Code,
and for other purposes; as follows:

On page 500, between lines 2 and 3, insert the following:
(4) by adding at the end the following:
``(e)(1) In addition to any transfer that the trustee may
otherwise avoid, the trustee may avoid any transfer of an
interest of the debtor in property that was made on or within
10 years before the date of the filing of the petition, if--
``(A) such transfer was made to a self-settled trust or
similar device;
``(B) such transfer was by the debtor;
``(C) the debtor is a beneficiary of such trust or similar
device; and
``(D) the debtor made such transfer with actual intent to
hinder, delay, or defraud any entity to which the debtor was
or became, on or after the date that such transfer was made,
indebted.
``(2) For the purposes of this subsection, a transfer
includes a transfer made in anticipation of any money
judgment, settlement, civil penalty, equitable order, or
criminal fine incurred by, or which the debtor believed would
be incurred by--
``(A) any violation of the securities laws (as defined in
section 3(a)(47) of the Securities Exchange Act of 1934 (15
U.S.C. 78c(a)(47))), any State securities laws, or any
regulation or order issued under Federal securities laws or
State securities laws; or
``(B) fraud, deceit, or manipulation in a fiduciary
capacity or in connection with the

[[Page S2188]]

purchase or sale of any security registered under section 12
or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C.
78l and 78o(d)) or under section 6 of the Securities Act of
1933 (15 U.S.C. 77f).''.
______