- (1) In exchange for the property or obligation, as a fair equivalent for it and in good faith, property is conveyed or an antecedent debt is satisfied; or
- (2) The property or obligation is received in good faith to secure a present advance or antecedent debt in an amount not disproportionately small as compared to the value of the property or obligation obtained.
Fair consideration is given for property or an obligation, if:
Added by Acts 1975, c. 49, § 3, eff. July 1, 1975.
Formerly Art. 39B, § 3.