fair market value
- Actual value or value in money. Re Patton, 227 Wis 407, 278 NW 866, 117 ALR 140. That which property will sell for as between one who wants to purchase and one who wants to sell; in the absence of a ready market and a market price, a constructive value determined upon an appropriate basis selected by the court. 28 Am J Rev ed Inher T § 609. See clear market value.
Ballentine's law dictionary. Anderson, W.S.. 1998.
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