Indiana Code 30-2-15-3. “Net fair market value”
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Terms Used In Indiana Code 30-2-15-3
- 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.
Sec. 3. As used in this chapter, “net fair market value” means the fair market value of each asset comprising the trust reduced by the liens, debts, and encumbrances of the trust, regardless of whether the liens, debts, and encumbrances are allocable to a specific asset.
As added by P.L.3-2003, SEC.2.