FAIR-VALUE LAW

FAIR-VALUE LAW

fair-value law. A statute allowing a credit against a deficiency for the amount that the fair market value of land exceeds the price at foreclosure. ¡ª Also termed fair-value legislation. [Cases: Mortgages 559(7), 561.

7. C.J.S. Mortgages ¡ì¡ì 938, 943, 956.]


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