California Code of Civil Procedure 874.312 – For purposes of this chapter, the following definitions …
For purposes of this chapter, the following definitions apply:
(a) “Determination of value” means a court order determining the fair market value of the property under Section 874.316 or 874.320 or adopting the valuation of the property agreed to by all cotenants.
Terms Used In California Code of Civil Procedure 874.312
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Property: includes real and personal property. See California Code of Civil Procedure 872.010
(b) “Partition by sale” means a court-ordered sale of the entire property, whether by auction, sealed bids, or open-market sale conducted under Section 874.320.
(c) “Partition in kind” means the division of property into physically distinct and separately titled parcels.
(d) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(Amended by Stats. 2022, Ch. 82, Sec. 4. (AB 2245) Effective January 1, 2023.)