
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 28USC3303]

 
               TITLE 28--JUDICIARY AND JUDICIAL PROCEDURE
 
                     PART VI--PARTICULAR PROCEEDINGS
 
             CHAPTER 176--FEDERAL DEBT COLLECTION PROCEDURE
 
           SUBCHAPTER D--FRAUDULENT TRANSFERS INVOLVING DEBTS
 
Sec. 3303. Value for transfer or obligation

    (a) Transaction.--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) Reasonably Equivalent Value.--For the purposes of sections 3304 
and 3307, 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 such interest upon default under a 
mortgage, deed of trust, or security agreement.
    (c) Present Value.--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.

(Added Pub. L. 101-647, title XXXVI, Sec. 3611, Nov. 29, 1990, 104 Stat. 
4961.)
