Value defined — Oklahoma Code § 24-115

§ 24-115. Value defined

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 paragraph 2 of subsection A of Section 5

and Section 6 of this act, a person gives a reasonably equivalent

value if the person acquires an interest of the debtor in an asset

Oklahoma Statutes - Title 24. Debtor and Creditor

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.

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.

Added by Laws 1986, c. 100, § 4, eff. Nov. 1, 1986.