§ 3303. Value for transfer or obligation
222 words·~1 min read·
/usc/title-28/section-3303A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Transaction.— 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)Reasonably Equivalent Value.— For the purposes of sections 3304 and 3307, 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 such interest upon default under a mortgage, deed of trust, or security agreement.
(c)Present Value.— 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.
(Added Pub. L. 101–647, title XXXVI, § 3611, Nov. 29, 1990, 104 Stat. 4961.)
Connections2 cite this · traces to 1
Cited by 2 sections
Traces to 1 document
U.S. Code
3 references not yet in our index
- Pub. L. 101–647, title XXXVI, § 3611
- 104 Stat. 4961
- section 3631 of Pub. L. 101–647
Citation graph
cites case law
§ 3303
Value for transfer or obligation
IRM×2
Pub. L.Pub. L. 101–647, title XXXVI, § 3611
Stat.104 Stat. 4961
Pub. L.section 3631 of Pub. L. 101–647
Cites 4Cited by 2 across 1 source