(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 513.44(a)(2) and
, 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
(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.
History: 1987 c 19 s 3