§ 6-16-3 - Value.
SECTION 6-16-3
§ 6-16-3 Value. – (a) Value is given for a transfer or an obligation if, in exchange for thetransfer or obligation, property is transferred or an antecedent debt issecured or satisfied, but value does not include an unperformed promise madeotherwise than in the ordinary course of the promisor's business to furnishsupport to the debtor or another person.
(b) For the purposes of §§ 6-16-4(a)(2) and 6-16-5,a person gives a reasonably equivalent value if the person acquires an interestof the debtor in an asset pursuant to a regularly conducted, noncollusiveforeclosure sale or execution of a power of sale for the acquisition ordisposition of the interest of the debtor upon default under a mortgage, deedof trust, or security agreement.
(c) A transfer is made for present value if the exchangebetween the debtor and the transferee is intended by them to be contemporaneousand is in fact substantially contemporaneous.