As Jason noted, this definitely happens and is allowed, see 11 U.S.C. 550(a)(2). Some cases where this has happened are In re Laines, 352 B.R. 397 (Bankr. E.D. Va. 2005); In re Lindley, 121 B.R. 81 (Bankr. N.D. Okla. 1990); In re Crabtree, 49 B.R. 806 (Bankr. E.D. Tenn. 1985).
As Jason noted, this definitely happens and is allowed, see 11 U.S.C. 550(a)(2). Some cases where this has happened are In re Laines, 352 B.R. 397 (Bankr. E.D. Va. 2005); In re Lindley, 121 B.R. 81 (Bankr. N.D. Okla. 1990); In re Crabtree, 49 B.R. 806 (Bankr. E.D. Tenn. 1985).