Tag Archives: Fair Market Value

Admiralty – Allision — Damages – Fair Market Value — Yacht & Corps of Engineers Vessel (access required)

F.C. Wheat Maritime Corp. v. U.S. When the captain of a U.S. Army Corps of Engineers vessel fell asleep at the wheel and struck plaintiff’s 70-foot yacht, the Marquessa, docked at the pier at Ocean Marine marina in Portsmouth, the yacht was a constructive total loss based on two of three opinions in this battle of the experts, and the 4th Circuit affirms a $440,000 damage award for the fair market value of the ship at the time of loss.

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Bankruptcy – Real Property – Mortgages – Valuation – Fair Market Value (access required)

In re Clarendon Holdings, LLC Where the debtor seeks to surrender its encumbered real property to the creditor in satisfaction of the creditor’s secured claim, the court finds it appropriate to value the property at its fair market value rather than its liquidation value. The court concludes that the value of the property the debtor proposes to surrender to the creditor in satisfaction of the creditor’s $487,229.14 claim is $475,000, which is the fair market value as determined by the creditor’s expert. The remaining amount of the creditor’s claim will be dealt with in the debtor’s plan as an unsecured claim.

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Dog owners seek more than fair market value for dead pet (access required)

A Jack Russell terrier named Laci is at the center of a case now before the N.C. Industrial Commission that could set a precedent on North Carolina animal law. Laci's owners sued N.C. State University's veterinary teaching hospital last year after their 12-year-old dog died in the ICU unit at the vet school. Attorney Calley Gerber (pictured with one of her dogs) of Raleigh is asking for $28,243 in damages.

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