Oklahoma § 24-115 - Value defined
Full text of Oklahoma Oklahoma Statutes § 24-115 — Value defined, with citation guidance and answers to common questions.
§ 24-115. Value defined
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 Section 5
and Section 6 of this act, a person gives a reasonably equivalent
value if the person acquires an interest of the debtor in an asset
Oklahoma Statutes - Title 24. Debtor and Creditor
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.
Added by Laws 1986, c. 100, § 4, eff. Nov. 1, 1986.
Frequently Asked Questions About Oklahoma § 24-115
What does Oklahoma Statutes § 24-115 cover?
Section 24-115 ("Value defined") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 24-115?
A common citation format is "Oklahoma Statutes § 24-115" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 24-115 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.