North Carolina General Statutes 58-7-193. Valuation of property
Terms Used In North Carolina General Statutes 58-7-193
- 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.
- Personal property: All property that is not real property.
- personal property: shall include moneys, goods, chattels, choses in action and evidences of debt, including all things capable of ownership, not descendable to heirs at law. See North Carolina General Statutes 12-3
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
(a), (b) Repealed by Session Laws 2003-212, s. 9, effective October 1, 2003.
(c) Personal property acquired pursuant to chattel mortgages made in accordance with N.C. Gen. Stat. § 58-7-180 shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition, or the fair market value of the property, whichever amount is less.
(d) If the Commissioner and an insurer do not agree on the value of real or personal property of an insurer, in carrying out the Commissioner’s responsibilities under this section, the Commissioner may retain the services of a qualified real or personal property appraiser. The insurer shall reimburse the Commissioner for the costs of the services of any appraiser incurred with respect to the Commissioner’s responsibilities under this section. (1991, c. 681, s. 29; 2003-212, s. 9.)