context: That exception applies only to payments that satisfy preexisting obligations. Thus, a debtor may receive fair consideration if it makes a payment to a corporate insider in exchange for new value contemporaneously provided.
citation_a.signal: see also
citation_a.identifier: 55 A.D.2d 668, 668
citation_a.parenthetical: holding that an insolvent corporation's salary payments to a corporate officer did not lack fair consideration because there was "no evidence that [the] salary was either excessive or unreasonable, or that the corporation did not receive full value in return"
citation_a.sentence: See Frank, 48 F.3d at 635 (holding that the exception for repayment of an insider’s antecedent debt did not apply to a debtor’s conveyance of two mortgages to a former officer, “regardless of whether she was a corporate insider, because each of her mortgages secured a contemporaneous advance of funds, not a pre-existing debt”); see also Cilco Cement Corp. v. White, 55 A.D.2d 668, 668, 390 N.Y.S.2d 178 (2d Dep’t 1976) (holding that an insolvent corporation’s salary payments to a corporate officer did not lack fair consideration because there was “no evidence that [the] salary was either excessive or unreasonable, or that the corporation did not receive full value in return”).
citation_b.signal: see
citation_b.identifier: 48 F.3d 635, 635
citation_b.parenthetical: holding that the exception for repayment of an insider's antecedent debt did not apply to a debtor's conveyance of two mortgages to a former officer, "regardless of whether she was a corporate insider, because each of her mortgages secured a contemporaneous advance of funds, not a pre-existing debt"
citation_b.sentence: See Frank, 48 F.3d at 635 (holding that the exception for repayment of an insider’s antecedent debt did not apply to a debtor’s conveyance of two mortgages to a former officer, “regardless of whether she was a corporate insider, because each of her mortgages secured a contemporaneous advance of funds, not a pre-existing debt”); see also Cilco Cement Corp. v. White, 55 A.D.2d 668, 668, 390 N.Y.S.2d 178 (2d Dep’t 1976) (holding that an insolvent corporation’s salary payments to a corporate officer did not lack fair consideration because there was “no evidence that [the] salary was either excessive or unreasonable, or that the corporation did not receive full value in return”).