O.C.G.A.
O.C.G.A.

O.C.G.A. § 18-2-73 (2019)

Value given for transfer

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(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 (2) of subsection (a) of Code Section 18-2-74 and Code Section 18-2-75, 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.

History

Code 1981, § 18-2-73, enacted by Ga. L.

2002, p. 141, § 3; Ga. L. 2015, p. 996, § 4A-1/SB 65.

Annotations

JUDICIAL DECISIONS Antecedent debt. - Fraudulent transfer claims involving evidence of several badges of fraud survived summary judgment; the equitable doctrine of earmarking was inapplicable because apportionment of the debtor’s estate was not at issue, the in pari delicto defense was inapplicable because liquidators were pur-

suing the fraudulent transfer claims for the benefit of innocent creditors, and factual issues existed as to whether payment on an antecedent debt was actual value. Am. Pegasus SPC v. Clear Skies Holding Co., LLC, No. 1:13-CV-03035-ELR, 2015 U.S. Dist. LEXIS 189547 (N.D. Ga. Sept. 22, 2015).

RESEARCH REFERENCES Am. Jur. 2d. 37 Am. Jur. 2d, Fraudulent Conveyances and Transfers, § 25 et seq.

C.J.S. 37 C.J.S., Fraudulent Conveyances, § 78 et seq.

Notes of Decisions
Cited in 5 cases (2 in the last 5 years), 2012–2023 · leading case: Crumpton v. Stephens (In re Northlake Foods, Inc.), 483 B.R. 247 (M.D. Fla. 2012).
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Crumpton v. Stephens (In re Northlake Foods, Inc.), 483 B.R. 247 (M.D. Fla. 2012). “§ 548 (d)(2)(A) and O.C.G.A. § 18-2-73(a) define “value” to include satisfaction of an antecedent debt and “the 2006 Transfer satisfied an antecedent debt owed to [Appellee] pursuant to the Shareholders Agreement.”
Howell v. Fulford (In re S. Home & Ranch Supply, Inc.), 515 B.R. 699 (Bankr. N.D. Ga. 2014). · cites it 2× “Likewise, O.C.G.A. § 18-2-73(a) defines “value” to include the securing or satisfaction of antecedent debt.”
Howell v. Fulford (In re S. Home & Ranch Supply, Inc. ), 561 B.R. 810 (Bankr. N.D. Ga. 2016). · cites it 2× “§ 548 (d)(2)(A); see also O.C.G.A. § 18-2-73(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_”).”
Jessie Tuggle v. Ameris Bank as Successor of Hamilton State Bank (Ga. Ct. App. 2022). · cites it 2× “” OCGA § 18-2-73 (a). The Act defined “property” as “anything that may be the subject of ownership.”
Byung Chik Min (Bankr. N.D. Ga. 2023). · cites it 2× “” O.C.G.A. § 18-2-73(a). The Bankruptcy Code contains a similar provision for avoidance of a transfer made for less than reasonably equivalent value when the debtor was insolvent or was made insolvent by the transfer.”
— 18-2-73(a) — 4 cases
Crumpton v. Stephens (In re Northlake Foods, Inc.), 483 B.R. 247 (M.D. Fla. 2012). “§ 548 (d)(2)(A) and O.C.G.A. § 18-2-73(a) define “value” to include satisfaction of an antecedent debt and “the 2006 Transfer satisfied an antecedent debt owed to [Appellee] pursuant to the Shareholders Agreement.”
Howell v. Fulford (In re S. Home & Ranch Supply, Inc.), 515 B.R. 699 (Bankr. N.D. Ga. 2014). “Likewise, O.C.G.A. § 18-2-73(a) defines “value” to include the securing or satisfaction of antecedent debt.”
Howell v. Fulford (In re S. Home & Ranch Supply, Inc. ), 561 B.R. 810 (Bankr. N.D. Ga. 2016). “§ 548 (d)(2)(A); see also O.C.G.A. § 18-2-73(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_”).”
Byung Chik Min (Bankr. N.D. Ga. 2023). “” O.C.G.A. § 18-2-73(a). The Bankruptcy Code contains a similar provision for avoidance of a transfer made for less than reasonably equivalent value when the debtor was insolvent or was made insolvent by the transfer.”
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