33-203. Value. - Kansas Statutes

33-203

Chapter 33.--STATUTE OF FRAUDS; FRAUDULENT CONVEYANCES Article 2.--UNIFORM FRAUDULENT TRANSFER ACT

      33-203.   Value.(a) Value is given for a transfer or an obligation if, in exchangefor the transfer or obligation, property is transferred or an antecedent debtis secured 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 subsection (a)(2) of K.S.A. 33-204 and33-205, aperson 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 exchange between the debtorand the transferee is intended by them to be contemporaneous and is in factsubstantially contemporaneous.

      History:   L. 1998, ch. 13, § 3; Jan. 1, 1999.