Utah Code 25-6-104. Value — Transfer
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25-6-104. Value — Transfer.
(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. However, value does not include an unperformed promise made other than in the ordinary course of the promisor’s business to furnish support to the debtor or another person. |
(a) | property to the extent it is encumbered by a valid lien; |
(b) | property to the extent it is generally exempt under nonbankruptcy law; or |
(c) | an interest in property held in tenancy by the entireties to the extent it is not subject to process by a creditor holding a claim against only one tenant. See Utah Code 25-6-102 |
(2) | Under Subsection 25-6-202(1)(b) and Section 25-6-203, 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 substantially contemporaneous. |
Renumbered and Amended by Chapter 204, 2017 General Session