[§651C-3]  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 section 651C-4(a)(2)
and section 651C-5, 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. [L 1985, c 216,
pt of §1]