2005 Idaho Code - 55-912 — VALUE DEFINED

                                  TITLE  55
                             PROPERTY IN GENERAL
                                  CHAPTER 9
                              UNLAWFUL TRANSFERS
    55-912.  VALUE DEFINED. (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
promissor's business to furnish support to the debtor or another person.
    (2)  For the purposes of sections 55-913(1)(b) and 55-914, Idaho Code, 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.