What is ACTUAL CASH VALUE? Definition of ACTUAL CASH VALUE in Black's Law Dictionary
The fair or reasonable cash price for which the property could be sold in the market, in the ordinary course of business, and not at forced sale; the price it will bring in a fair market after reasonable efforts to find a purchaser who will give the highest price. Peavy-Wilson Lumber Co. v. Jackson, 161 La. 669, 109 So. 351, 352. What property is worth in money, allowing for depreciation. Glens Falls Ins. Co. of New York v. Garner, 229 Ala. 39, 155 So. 533,
536. Ordinarily, "actual cash value," "fair market price," and "market value" are synonymous terms. Butler v. JEtna Ins. Co. of Hartford, Conn., 64 N.D. 764, 256 N.W. 214, 218.
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That's the definition of ACTUAL CASH VALUE in Black's Law Dictionary - Courtesy of Cekhukum.com.
