§ 38-8-104 — Value

(1) 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.

(2) For the purposes of sections 38-8-105 and 38-8-106, 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 sale, foreclosing on assets
subject to a lien, or pursuant to the 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.

(3) 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.

Legislative History

Source: L. 91: Entire article added, p. 1684, � 1, effective July 1.