F.3d at 1071. 24 . Consistent with the framework outlined above, two clearly delineated categories of "initial transferee" cases have emerged. 5 Collier on Bankmptcy § 550.02[4][a] (15th ed.2007). In one line of cases, the recipient of funds is not deemed to be an initial transferee because it simply acts as an uninterested agent between the transferor and another entity — these are the "mere conduit” cases. See, e.g., In re Finley, 130 F.3d at 59; In re Chase & Sanborn Coip., 848 F.2d at 1200; Bonded, 838 F.2d at 893. In the other, the recipient is deemed to be an initial transferee because it obtains a complete ability to do what it wishes with the funds — these are the dominion and control cases. See, e.g., Taunt v. Hurtado (In re Jon Rey Hurtado), 342 F.3d 528, 535 (6th Cir.2003) (<HOLDING>). 25 . It could be posited that the third party
holding that a trustee is not required to avoid the initial transfer from the initial transferee before seeking to avoid it and recover from subsequent transferees and noting that this conclusion is consistent with case law that has disallowed automatic recovery from a subsequent transferee following the avoidance of an initial transfer through a stipulated judgment or default when the transferee had not been a party to the underlying avoidance proceeding holding that a trustee may settle with an initial transferee and still pursue recovery against a subsequent transferee but notwithstanding the trustee will still be required to prove that the transfers  were fraudulent and improper in connection with its suit against the subsequent transferee because the trustees settlement with the initial transferee did not involve any determination on the merits as to the initial transfers and in this way the subsequent transferee will be afforded its due process rights to contest the avoidability of these initial transfers holding that agent of corporation who used corporate funds to secure personal loan was initial transferee holding a party to be an initial transferee because she was given legal title to the funds holding that because the recipient of funds had a contractual obligation to immediately transfer them he was not an initial transferee under  550 even though the funds were eventually used to purchase stock in his name