• 1991 - Fair Value Defined (Deficiency Judgment)
  • C-74.15
    • Damages
    • Market Value
  • Fair value means the worth of the property which will produce a fair and equitable result between the parties. You may consider all evidence bearing on the value of the property as well as the circumstances of the underlying transaction. This may include the amount of any subsequent mortgages, any fluctuations in land values since the debt was incurred to the present time, and the remaining amount claimed to be due on the debt. You may consider market value as one factor but it is not controlling. You may consider the amount still owed on this mortgage debt. The mortgagee will be entitled to a deficiency judgment only for the difference between the amount still owed on this mortgage debt and the fair value of the property as you, the Jury, determine it to be.
    • 32-19-06
    • Fed. Land Bank of St. Paul v. Bergquist, 425 NW2d 360 (ND 1988)
    • Schiele v. First Nat’l Bank of Linton, 436 NW2d 248 (ND 1989)
  • Notes: In a concurring opinion in Schiele, 436 NW2d at 250, Justice Levine stated that fair value may include the "intrinsic value" of the property such as the family history, past use, and other elements which provide the emotional component to fair value, the property income producing history, the future income producing capacity of the property, as well as the amount of past investments of labor and funds made to the property by the debtor or others.