California Code of Civil Procedure 680.190 – “Equity” means the fair market value of the interest of the judgment …
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“Equity” means the fair market value of the interest of the judgment debtor in property, or in the case of community property the fair market value of the interest of the judgment debtor and the spouse of the judgment debtor in the property, over and above all liens and encumbrances on the interest superior to the judgment creditor‘s lien.
(Added by Stats. 1982, Ch. 1364, Sec. 2. Operative July 1, 1983, by Sec. 3 of Ch. 1364.)
Terms Used In California Code of Civil Procedure 680.190
- creditor: means the state or the department or agency of the state seeking to collect the liability. See California Code of Civil Procedure 688.040
- debtor: means the debtor from whom the liability is sought to be collected. See California Code of Civil Procedure 688.040
- 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.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes both personal and real property. See California Code of Civil Procedure 17
- Spouse: includes "registered domestic partner" as required by §. See California Code of Civil Procedure 17