A transferee who is third or after in a series of transfers, as opposed to an “initial transferee” (who is the first transferee) and an “immediate transferee” of the initial transferee (second in line). The classification is relevant because immediate and mediate transferees may, unlike an initial transferee, escape liability for the transfer if they took for value, in good faith, and without knowledge of the voidability of the transfer.
Bankruptcy Code § 550. See also Immediate Transferee, Initial Transferee, Subsequent Transferee.