Tennessee Code Annotated
Tenn. Code Ann. § 66-3-304 (2026)
Value
✓ current as of May 2026
- (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 §§ 66-3-305(a)(2) and 66-3-306, 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.
Acts 2003, ch. 42, § 1.
Notes of Decisions
Cited in 19
cases (1 in the last 5 years), 1983–2021 · leading case: Webb Mtn, LLC v. Exec. Realty P'ship (In Re Webb Mtn, LLC), 414 B.R. 308 (Bankr. E.D. Tenn. 2009).
Webb Mtn, LLC v. Exec. Realty P'ship (In Re Webb Mtn, LLC), 414 B.R. 308 (Bankr. E.D. Tenn. 2009). “Tenn.Code Ann. § 66-3-304 (2004). The Plaintiff argues that there was no foreclosure and the Defendants are not entitled to application of this statutory “definition” of reasonably equivalent value, stating that in a regularly conducted foreclosure sale, where the value of the…”
Off. Comm. of Unsecured Creditors of Propex Inc. v. BNP Paribas (In Re Propex Inc.), 415 B.R. 321 (Bankr. E.D. Tenn. 2009). “2006), the Bankruptcy Code’s fraudulent conveyance statute expressly provides that “value” includes the satisfaction of an antecedent debt, 11 U.”
Se. Waffles, LLC v. United States Dep't of Treasury/Internal Revenue Serv. (In Re Se. Waffles, LLC), 460 B.R. 132 (6th Cir. BAP 2011). “§ 548 of the Bankruptcy Code or Tenn.Code Ann. § 66-3-304(b). Pursuant to 11 U.”
Webb Mtn, LLC v. Exec. Realty P'ship, L.P. (In Re Webb Mtn, LLC), 420 B.R. 418 (Bankr. E.D. Tenn. 2009). “§ 66-3-304 (2004). There is no dispute, and the record reflects, that value was exchanged when the Franklin Quit Claim Deed was recorded on September 18, 2007, based upon the satisfaction of the Plaintiffs antecedent debt owed to the Defendant, Gerald Franklin, Trustee, on the…”
Se. Waffles, LLC v. United States Dep't of Treasury, 702 F.3d 850 (6th Cir. 2012). “” Tenn.Code Ann. § 66-3-304(a). Typically, a dollar-for-dollar reduction in debt constitutes—as a matter of law—reasonably equivalent value for purposes of the fraudulent-transfer statutes.”
Brown v. Riley (In Re Omni Mech. Contractors, Inc.), 114 B.R. 518 (Bankr. E.D. Tenn. 1990). “Fair consideration is defined in § 66-3-304 as follows: Fair consideration is given for property, or obligation: (1) 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…”
In Re Turner, 78 B.R. 166 (Bankr. E.D. Tenn. 1987). “It is questionable whether the assignment of the deed of trust can be treated as a transfer by Mrs.”
Billy F. Hawk, Jr., GST Non-Exempt Marital Trust v. Comm'r of Internal Revenue, 924 F.3d 821 (6th Cir. 2019). “" Tenn. Code Ann. § 66-3-304 (a). When the Hawks exchanged stock for the horse farm, the transaction merely subtracted from Holiday Bowl's balance sheet.”
Steinberg v. Morton (In re Buchanan), 35 B.R. 849 (Bankr. E.D. Tenn. 1983). “Tenn.Code Ann. § 66-3-304 (1982). In exchange for their release of an uncertain or perhaps even valueless claim to the Simple Simon property the debtors received $26,-666.”
Steinberg v. Morton (In Re Buchanan), 35 B.R. 842 (Bankr. E.D. Tenn. 1983). “Tenn.Code Ann. § 66-3-304 (1982) provides: Fair consideration is given for property, or obligation: (1) 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 (2) When such…”
Auto. Experts, Inc. v. Kallberg (M.D. Tenn. 2021). “(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.”
In Re: Se. Waffles, LLC V. (6th Cir. BAP 2011). ““The date for 4 With the exception of Tenn. Code Ann. § 66-3-304 (b) related to a “regularly conducted, noncollusive foreclosure sale .”
— Tenn. Code Ann. § 66-3-304(a) — 3 cases
Off. Comm. of Unsecured Creditors of Propex Inc. v. BNP Paribas (In Re Propex Inc.), 415 B.R. 321 (Bankr. E.D. Tenn. 2009). “2006), the Bankruptcy Code’s fraudulent conveyance statute expressly provides that “value” includes the satisfaction of an antecedent debt, 11 U.”
Se. Waffles, LLC v. United States Dep't of Treasury, 702 F.3d 850 (6th Cir. 2012). “” Tenn.Code Ann. § 66-3-304(a). Typically, a dollar-for-dollar reduction in debt constitutes—as a matter of law—reasonably equivalent value for purposes of the fraudulent-transfer statutes.”
Webb Mtn, LLC v. Exec. Realty P'ship (In Re Webb Mtn, LLC), 414 B.R. 308 (Bankr. E.D. Tenn. 2009). “Tenn.Code Ann. § 66-3-304 (2004). The Plaintiff argues that there was no foreclosure and the Defendants are not entitled to application of this statutory “definition” of reasonably equivalent value, stating that in a regularly conducted foreclosure sale, where the value of the…”
— Tenn. Code Ann. § 66-3-304(b) — 4 cases
Se. Waffles, LLC v. United States Dep't of Treasury/Internal Revenue Serv. (In Re Se. Waffles, LLC), 460 B.R. 132 (6th Cir. BAP 2011). “§ 548 of the Bankruptcy Code or Tenn.Code Ann. § 66-3-304(b). Pursuant to 11 U.”
Webb Mtn, LLC v. Exec. Realty P'ship (In Re Webb Mtn, LLC), 414 B.R. 308 (Bankr. E.D. Tenn. 2009). “Tenn.Code Ann. § 66-3-304 (2004). The Plaintiff argues that there was no foreclosure and the Defendants are not entitled to application of this statutory “definition” of reasonably equivalent value, stating that in a regularly conducted foreclosure sale, where the value of the…”
Webb Mtn, LLC v. Exec. Realty P'ship, L.P. (In Re Webb Mtn, LLC), 420 B.R. 418 (Bankr. E.D. Tenn. 2009). “§ 66-3-304 (2004). There is no dispute, and the record reflects, that value was exchanged when the Franklin Quit Claim Deed was recorded on September 18, 2007, based upon the satisfaction of the Plaintiffs antecedent debt owed to the Defendant, Gerald Franklin, Trustee, on the…”
In Re: Se. Waffles, LLC V. (6th Cir. BAP 2011). ““The date for 4 With the exception of Tenn. Code Ann. § 66-3-304 (b) related to a “regularly conducted, noncollusive foreclosure sale .”
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