Montana Code 31-2-330. Value
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31-2-330. 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 other than in the ordinary course of the promisor’s business to furnish support to the debtor or another person.
Terms Used In Montana Code 31-2-330
- Debt: means liability on a claim. See Montana Code 31-2-328
- Debtor: means a person who is liable on a claim. See Montana Code 31-2-328
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual, partnership, corporation, association, organization, government or governmental subdivision or agency, business trust, estate, trust, or any other legal or commercial entity. See Montana Code 31-2-328
- Property: means anything that may be the subject of ownership. See Montana Code 31-2-328
- Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset and includes payment of money, release, lease, and creation of a lien or other encumbrance. See Montana Code 31-2-328
(2)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.