Laws of New York (Last Updated: November 21, 2014)

Section 272. Fair consideration

Latest version.

Fair consideration is given for property,
  or obligation,
    a. When in exchange for  such  property,  or  obligation,  as  a  fair
  equivalent  therefor,  and  in  good  faith,  property is conveyed or an
  antecedent debt is satisfied, or
    b. When such property, or obligation is  received  in  good  faith  to
  secure   a   present   advance   or   antecedent   debt  in  amount  not
  disproportionately small as compared with the value of the property,  or
  obligation obtained.

                    
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