20-513. Valuation of real and personal property
A. Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the director to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.
B. Other real property held by an insurer shall be valued at market value as determined by recent appraisal or cost plus capitalized improvements minus normal depreciation, whichever is less. If valuation is based on an appraisal more than three years old, the director may at his discretion call for and require a new appraisal in order to determine fair value.
C. Personal property acquired pursuant to chattel mortgages made in accordance with section 20-555 shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition, together with taxes and expenses incurred in connection with the acquisition, or the fair value of the property, whichever amount is less.
Section: Previous 20-507 20-508 20-509 20-510 20-511 20-512 20-512.01 20-513 20-514 20-515 20-516 20-517 20-518 20-519 20-531 NextLast modified: October 13, 2016