N.Y. Debtor & Creditor Law § 272: Value

§ 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.