(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 section 513.44, paragraph (a), clause (2), and section 513.45, 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, security agreement, or agricultural lien.
(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.
1987 c 19 s 3; 2015 c 17 s 3
Structure Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Chapter 513 — Agreements Relating To Property
Section 513.01 — No Action On Agreement.
Section 513.03 — Grants Of Trust, When Void.
Section 513.04 — Conveyance Of Interest In Land Except Up To One-year Lease.
Section 513.05 — Leases; Contracts For Sale Of Lands.
Section 513.06 — Specific Performance.
Section 513.07 — Logs; Extension Of Time Of Payment For Labor.
Section 513.075 — Cohabitation; Property And Financial Agreements.
Section 513.076 — Necessity Of Contract.
Section 513.08 — Void When Made To Defraud, Exception.
Section 513.09 — Provision To Revoke, Determine, Or Alter; When Void.
Section 513.10 — Power Of Revocation, When Valid.
Section 513.11 — Premature Conveyance.
Section 513.33 — Credit Agreements.
Section 513.44 — Transfer Or Obligation Voidable As To Present Or Future Creditor.
Section 513.45 — Transfer Or Obligation Voidable As To Present Creditor.
Section 513.46 — When Transfer Is Made Or Obligation Is Incurred.
Section 513.47 — Remedies Of Creditor.
Section 513.48 — Defenses, Liability, And Protection Of Transferee Or Obligee.
Section 513.485 — Governing Law.
Section 513.49 — Application To Series Organization.
Section 513.495 — Relation To Electronic Signatures In Global And National Commerce Act.
Section 513.50 — Supplementary Provisions.
Section 513.53 — Applicability.
Section 513.55 — General Disclosure Requirements.
Section 513.56 — Disclosure Not Required.
Section 513.57 — Liability For Error, Inaccuracy, Or Omission.
Section 513.58 — Amendment To Disclosure.
Section 513.59 — Transfer Not Invalidated.
Section 513.61 — Radon Disclosure Requirements.
Section 513.75 — Liability For Violation.
Section 513.76 — Notice Requirements For Existing Transfer Fee Obligations.