On January 1, Bumberry gave his best friend Dunsworth his prized Van Gogh painting. On January 31, Bumberry filed for bankruptcy, finally realizing his financial stress had become too burdensome. Ess is appointed the trustee for Bumberry's bankruptcy estate. Can Ess set aside the transfer of the painting as a preference?
1. No, because Bumberry was not insolvent at the time he transferred the paiting to Dunsworth
2. Yes, because Bumberry was presumed insolvent and the transfer occurred within the 90-day preference period.
3. No, because the transfer did not benefit a creditor.
4. Yes, because the transfer was for less than "reasonably equivalent value" and likely rendered Bumberry insolvent.