Louisiana Civil Code 814 – Rescission of partition for lesion
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Terms Used In Louisiana Civil Code 814
- 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.
An extrajudicial partition may be rescinded on account of lesion if the value of the part received by a co-owner is less by more than one-fourth of the fair market value of the portion he should have received.
Acts 1990, No. 990, §1, eff. Jan. 1, 1991.