684.3 - VALUE.

        684.3  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 section 684.4, subsection 1, paragraph      "b", and section 684.5, 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.         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.  
         Section History: Recent Form
         94 Acts, ch 1121, §7