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 Section 56-10-18 and Section 56-10-19 NMSA 1978, 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.
History: Laws 1989, ch. 382, § 4; 2015, ch. 54, § 12.
The 2015 amendment, effective January 1, 2016, in Subsection B, after "Section", deleted "5 and Section 6 of the Uniform Fraudulent Transfer Act" and added "56-10-18 and Section 56-10-19 NMSA 1978".
Value not given. — The children did not give value since they exchanged no property as consideration for the transfers and, absent any accounting, there was no showing of the existence of an antecedent debt. Mazer v. Jones, 184 Bankr. 377 (Bankr. D.N.M. 1995).
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