§ 15-203. Fair consideration

Latest version.

   Fair consideration is given for property or an obligation, if:

   (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.

HISTORY: An. Code 1957, art. 39B, § 3; 1975, ch. 49, § 3.

                    
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