N.Y. DCD Law § 272

§ 272. Fair consideration. Fair consideration is given for property,\nor obligation,\n a. When in exchange for such property, or obligation, as a fair\nequivalent therefor, and in good faith, property is conveyed or an\nantecedent debt is satisfied, or\n b. When such property, or obligation is received in good faith to\nsecure a present advance or antecedent debt in amount not\ndisproportionately small as compared with the value of the property, or\nobligation obtained.\n