fair consideration


fair consideration
A fair equivalent. One which, under all the circumstances, is honest, reasonable, and free from suspicion. Full and adequate consideration. Good-faith satisfaction of an antecedent debt. One which fairly represents the value of the property transferred. One which is not disproportionate to the value of the property conveyed. A term of fraudulent conveyance law describing whatever is given in exchange for a conveyance of debtor's property whenever the exchange involves property or other things having substantially equivalent values.

Black's law dictionary. . 1990.