Fair market value; appraisal; reappraisal
Sec. 14. The value of the property for the purposes of a sale of
real property pursuant to section 3 and subsequent sections of this
chapter shall be the fair market value filed with the inventory unless
the court directs that the property be appraised or reappraised, as the
case may be. In the event appraisal is ordered by the court, or in the
case of a lease pursuant to such sections of the probate code, the
property shall be appraised at its fair market value or its fair market
rental value, as the case may be, in a manner considered appropriate
by the court.
(Formerly: Acts 1953, c.112, s.1514; Acts 1975, P.L.288, SEC.31.)
Last modified: May 27, 2006