Maryland Code, PUBLIC UTILITIES 6-304
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Terms Used In Maryland Code, PUBLIC UTILITIES 6-304
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
(a) On agreement by both the acquiring entity and the selling utility, the fair market value of the selling utility shall be determined in accordance with this section.
(b) The acquiring entity and the selling utility shall each be responsible for hiring a utility valuation expert to conduct an appraisal of the selling utility to determine the fair market value of the selling utility.
(c) Each utility valuation appraisal shall be completed in accordance with the Uniform Standards of Professional Appraisal Practice.
(d) (1) The acquiring entity and the selling utility shall engage the services of the same licensed engineer to conduct an assessment of the tangible assets of the selling utility.
(2) The assessment shall be incorporated into the appraisals under subsection (c) of this section.