N.Y. Debtor & Creditor 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 * NB Effective until April 4, 2020\n * § 272. Value. (a) Value is given for a transfer or an obligation if,\nin exchange for the transfer or obligation, property is transferred or\nan antecedent debt is secured or satisfied, but value does not include\nan unperformed promise made otherwise than in the ordinary course of the\npromisor's business to furnish support to the debtor or another person.\n (b) For the purposes of paragraph two of subdivision (a) of section\ntwo hundred seventy-three and section two hundred seventy-four of this\narticle, a person gives a reasonably equivalent value if the person\nacquires an interest of the debtor in an asset pursuant to a regularly\nconducted, noncollusive foreclosure sale or execution of a power of sale\nfor the acquisition or disposition of the interest of the debtor upon\ndefault under a mortgage, deed of trust, or security agreement.\n (c) A transfer is made for present value if the exchange between the\ndebtor and the transferee is intended by them to be contemporaneous and\nis in fact substantially contemporaneous.\n * NB Effective April 4, 2020\n