• 1986 - Reasonable Value or Fair Market Value
  • C-70.58
    • Damages
    • Damages
    • Market Value
    • Personal Property
  • The "reasonable value" or "fair market value" of personal property, at any given time, is the amount that a willing buyer would pay and a willing seller would accept, neither being obligated or compelled to buy or sell. In determining the reasonable value or fair market value of personal property at any given time, the price agreed to be paid by the buyer of goods [under a conditional sales contract] is no criterion with regard to its reasonable value or fair market value at some later time when the property is in used or secondhand condition. Similarly, the amount realized by the sale of the goods by a forced sale, such as a Sheriff's sale, is no criterion as to its reasonable value or fair market value.
    • Gunsch v. Gunsch, 73 NW2d 345 (ND 1955)
    • In re Heart River Irrigation Dist., 49 NW2d 217 (ND 1951)
    • Jim's Hot Shot Serv. Inc. v. Continental W. Ins., 353 NW2d 279 (ND 1984)
    • Northrup v. Cross, 51 NW 718 (ND 1892)
    • Tooz v. Tooz, 39 NW2d 257 (ND 1949)
  • Notes: (2004 - reviewed with no changes) The owner of property is competent to testify as to its value. In re Heart River Irrigation Dist., 49 NW2d 217 (ND 1951); but see Jim's Hot Shot Serv. Inc. v. Continental W. Ins. Co., 353 NW2d 279 (ND 1984).