Indiana Code 35-43-6-10. Fair market value of improvement
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Terms Used In Indiana Code 35-43-6-10
- 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.
- home improvement: means any alteration, repair, or other modification of residential property. See Indiana Code 35-43-6-3
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
Sec. 10. For the purposes of this chapter, the fair market value of a home improvement is that amount which in commercial judgment or under usage of trade would be reasonable for services, materials, and work of similar quality and workmanship.
As added by P.L.251-1987, SEC.4.