FindLaw Legal Dictionary
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: a valuation of property by the estimate of an authorized person: as
a : the determination of the fair value of a corporation's stock by a judicial proceeding that a dissenting shareholder is usually entitled by statute to demand in a case of extraordinary corporate action (as a merger) see also dissent
b : the estimation of the value of real estate for the purpose of taxation, sale, or securing a mortgage
c : the estimation of the value of damage done to property for the purpose of adjusting an insurance claim
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.