Texas Business & Commerce Code - Section 24.004. Value
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§ 24.004. VALUE. (a) Value is given for a transfer or an
obligation if, in exchange for the transfer or obligation, property
is transferred or an antecedent debt is secured or satisfied, but
value does not include an unperformed promise made otherwise than
in the ordinary course of the promisor's business to furnish
support to the debtor or another person.
(b) For the purposes of Sections 24.005(a)(2) and 24.006 of
this code, a person gives a reasonably equivalent value if the
person acquires an interest of the debtor in an asset pursuant to a
regularly conducted, noncollusive foreclosure sale or execution of
a power of sale for the acquisition or disposition of the interest
of the debtor upon default under a mortgage, deed of trust, or
security agreement.
(c) A transfer is made for present value if the exchange
between the debtor and the transferee is intended by them to be
contemporaneous and is in fact substantially contemporaneous.
(d) "Reasonably equivalent value" includes without
limitation, a transfer or obligation that is within the range of
values for which the transferor would have sold the assets in an
arm's length transaction.
Amended by Acts 1987, 70th Leg., ch. 1004, § 1, eff. Sept. 1,
1987; Acts 1993, 73rd Leg., ch. 570, § 9, eff. Sept. 1, 1993.
Section: 23.30 23.31 23.32 23.33 24.001 24.002 24.003 24.004 24.005 24.006 24.007 24.008 24.009 24.010 24.011
Last modified: August 10, 2007
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