§ 272. Value. (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 two of subdivision (a) of section
two hundred seventy-three and section two hundred seventy-four of this
article, 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.

(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.