Value
Sec. 13. (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. 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 purposes of sections 14(2) and 15 of this chapter, a person
gives a reasonably equivalent value if the person acquires an interest
of the debtor in an asset through 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 the debtor and transferee
to be contemporaneous and is in fact substantially contemporaneous.
As added by P.L.2-2002, SEC.3.
Last modified: May 24, 2006