Official Code of Georgia Annotated

Title 18. DEBTOR AND CREDITOR · Chapter 2. DEBTOR AND CREDITOR RELATIONS · Article 4. UNIFORM VOIDABLE TRANSACTIONS ACT

18-2-73. Value given for transfer.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(a)
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.#
(b)
For the purposes of paragraph (2) of subsection (a) of Code Section 18-2-74 and Code Section 18-2-75, 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.#
(c)
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.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 18-2-73, enacted by Ga. L. 2002, p. 141, § 3; Ga. L. 2015, p. 996, § 4A-1/SB 65.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t18-t19-(v16)-2022-pdf.pdf, Volume V16, 2022 edition, pages 86 to 87; merge action: annotated; file SHA-256 eddc877da9f2.

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