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Current as of January 01, 2024 | Updated by FindLaw Staff
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 subdivision b of subsection 1 of section 13-02.1-04 and section 13-02.1-05, 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.
Cite this article: FindLaw.com - North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-02.1-03. Value - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-13-debtor-and-creditor-relationship/nd-cent-code-sect-13-02-1-03/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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