Tennessee Code 12-2-205 – Determination of fair market value prior to sale
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Terms Used In Tennessee Code 12-2-205
- 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 both personal and real property. See Tennessee Code 1-3-105
Prior to the sale of any such property as herein authorized, the chief procurement officer shall determine the fair market value of the property to be sold.