Kentucky Statutes 378A.030 – Value
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(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 KRS § 378A.040(1)(b) and 378A.050, 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.
Effective: January 1, 2016
History: Created 2015 Ky. Acts ch. 37, sec. 3, effective January 1, 2016.
(2) For the purposes of KRS § 378A.040(1)(b) and 378A.050, 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.
Terms Used In Kentucky Statutes 378A.030
- Asset: means property of a debtor, but the term does not include: (a) Property to the extent it is encumbered by a valid lien. See Kentucky Statutes 378A.010
- Debt: means liability on a claim. See Kentucky Statutes 378A.010
- Debtor: means a person that is liable on a claim. See Kentucky Statutes 378A.010
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- Property: means anything that may be the subject of ownership. See Kentucky Statutes 378A.010
- 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, license, and creation of a lien or other encumbrance. See Kentucky Statutes 378A.010
(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.
Effective: January 1, 2016
History: Created 2015 Ky. Acts ch. 37, sec. 3, effective January 1, 2016.