- The utility of an object in satisfying, directly or indirectly, the needs or desires of human beings, called by economists "value in use," or its worth consisting in the power of purchasing other objects, called "value in exchange." Joint Highway Dist. No. 9 v. Ocean Shore R. Co., 128 CaLApp. 743, 18 P.2d 413, 417.Also the estimated or appraised worth of any object or property, calculated in money. To estimate the worth of; to rate at a certain price; to appraise; or to place a certain estimate of worth on in a scale of values. Hoard v. Wiley, 113 Ga.App. 328, 147 S.E.2d 782, 784.Any consideration sufficient to support a simple contract. The term is often used as an abbreviation for "valuable consideration," especially in the phrases "purchaser for value," "holder for value," etc.See consideration- valuable consideration.In economic consideration, the word "value," when used in reference to property, has a variety of significations, according to the connection in which the word is employed. It may mean the cost of a production or reproduction of the property in question, when it is sometimes called "sound value;" or it may mean the purchasing power of the property, or the amount of money which the property will command in exchange, if sold, this being called its "market value," which in the case of any particular property may be more or less than either the cost of its production or its value measured by its utility to the present or some other owner; or the word may mean the subjective value of property, having in view its profitableness for some particular purpose, sometimes termed its "value for use."Salable value, actual value, market value, fair value, reasonable value, and cash value may all mean the same thing and may be designed to effect the same purpose. Cummings v. National Bank, 101 U.S. 153, 25 L.Ed. 903."Value," as used in Art. I, No. 8, U.S.Const., giving Congress power to coin money and regulate the value thereof, is the true, inherent, and essential value, not depending upon accident, place, or person, but the same everywhere and to every one, and in this sense regulating the value of the coinage is merely determining and maintaining coinage composed of certain coins within certain limitations at a certain specific composition and weight.For taxation purposes, "value" is the worth established by bargaining process of willing buyer and willing seller. In re Montpelier & Barre R.R. Corp., 135 Vt. 102, 369 A.2d 1379, 1381.See fair market value.Value as it relates to stolen property is the market value at the time and place of the taking, or, in case of property without a market value, the cost of replacing it. Givens v. State, 143 Tex.Cr.R. 277, 158 S.W.2d 535, 536. The National Stolen Property Act defines value as "face, par or market value, whichever is the greatest ..." 18 U.S.C.A. No. 2311. U.S. v. Wentz, C.A.W.Va., 800 F.2d 1325, 1326.Value as used in eminent domain proceeding means market value (q.v.). Epstein v. Boston Housing Authority, 317 Mass. 297, 58 N.E.2d 135, 137.See also just compensation- market value.Most generally, a legal basis for enforcing a transfer of property or an undertaking, including a promise or other commitment, which is different from common-law consideration. For purposes of the U.C.C. generally, see U.C.C. No. 1-201(44); for purposes of due-course status, see U.C.C. No.No. 3-303; 4-208 & 4-209.Under U.C.C. No. 1-201(44), a person gives "value" for rights if he acquires them:(a) in return for a binding commitment to extend credit or for the extension of immediately available credit whether or not drawn upon and whether or not a chargeback is provided for in the event of difficulties in collection; or(b) as security for or in total or partial satisfaction of a pre-existing claim; or(c) by accepting delivery pursuant to a pre-existing contract for purchase; or(d) generally, in return for any consideration sufficient to support a simple contract.See also actual value- agreed value- assess- intrinsic value- leasehold value- par value- policy value@ actual cash valueIn insurance, its customary meaning is replacement cost new less normal depreciation, though it may be determined by current market value of similar property or by the cost to replace or repair the property.+ actual cash valueThe fair or reasonable cash price for which the property could be sold in the market in the ordinary course of business, and not at forced sale. The price it will bring in a fair market after reasonable efforts to find a purchaser who will give the highest price. What property is worth in money, allowing for depreciation. Ordinarily, "actual cash value", "fair market value", and "market value" are synonymous terms.See actual value@ book valueThe value at which assets of a business are carried on the books of the company. The book value of fixed assets is arrived at by subtracting accumulated depreciation from the cost of the fixed assets. It may also refer to the net worth of a business arrived at by subtracting liabilities from assets.See also book+ book valueThe value at which an asset is carried on the balance sheet. Book value is the cost less accumulated depreciation or the valuation allowance. Book value is based on the histprical cost of an asset and may vary significantly from the fair market value. The net amount of an asset after reduction by a related reserve. The book value of accounts receivable, for example, would be the amount of the receivables less the reserve for bad debts.@ cash surrender valueIn life insurance, the amount which the insurer will pay before death when the policy is cancelled.See also cash value.+ cash surrender valueThe amount of money that an insurance policy would yield if cashed in with the insurance company that issued the policy. The cash surrender value of a life insurance policy is the reserve less a surrender charge. Amount which the insurer will pay upon cancellation of the policy before death.@ intrinsic valueThe value which a thing has as of itself, and not the value reflecting extrinsic factors such as market conditions.+ intrinsic valueThe true, inherent and essential value of thing, not depending upon accident, place or person but same everywhere and to everyone. King v. U. S., D.C.Colo., 292 F.Supp. 767, 776. The value of the thing itself, rather than any special features which make its market value different (e.g. value of silver in coin)@ liquidation valueThe value of a business or of an asset when it is sold other than in the ordinary course of business as in the liquidation of a business.@@ net valueThe "reserve" or "net value" of a life insurance policy is the fund accumulated out of the net premiums during the earlier years of the policy where the premium throughout life or a term of years exceeds the actual value of the risk. The "net value" of a policy is equivalent to "reserve," and means that part of the annual premium paid by insured which, according to the American Experience Table of Mortality, must be set apart to meet or mature the company's obligations to insured, the net value of a policy on a given date being its actual value, its reserve.+ net valueIn insurance, accumulation of balances of past net premiums not absorbed in carrying risk. "Net valuation" portion of life insurance premium is amount of reserve necessary, under proper interest and mortality calculations, to properly fund policy for payment of future claims. North American Life & Gas. Co. v. C.I.R., C.A.8, 533 F.2d 1046, 1049@ no par valueStock of a corporation which has no par value but which represents a proportionate share of the ownership of the corporation.@ optimal use valueSynonym for most suitable use value (q.v.).@ par valueThe nominal value of stock arrived at by dividing the total stated capital stock by the number of shares authorized.+ par valueThe face or stated value of a share of stock or bond. With reference to mortgages or trust deeds, the value of the mortgage based on the balance owing, without discount. In the case of a common share, par means an arbitrary or nominal dollar amount assigned to the share by the issuing company. Par value may also be used to compute the dollar amount of the common shares on the balance sheet.Par value has little significance so far as market value of common stock is concerned. Many companies today issue no-par stock but give a stated per share value on the balance sheet. In the case of preferred shares and bonds, however, par is important. It often signifies the dollar value upon which dividends on preferred stocks, and interest on bonds, are figured.In the case of bonds and stock, the face value appearing on the certificate is the par value. Those stocks not containing such a statement have no par value. Bonds are issued at or very near par value, and subsequently trade at either a discount or a premium to this figure, based on the direction of interest rates. Bonds mature at par.par value or stated valueThe Revised Model Business Corporation Act and the statutes of many states have eliminated the concept of par value@ residual valueAmount expected to be obtained when a fixed asset is disposed of at the end of its useful life (also called scrap value or salvage value).+ residual valueValue of depreciable asset after depreciation charges have been deducted from original cost.See also salvage (salvage value)@ scrap valueThe value of the constituent materials and components of a thing; not its value for the purpose for which it was made.@ stated valueThe dollar value of no par stock established by the corporation as constituting the capital of the corporation.+ par value or stated valueThe Revised Model Business Corporation Act and the statutes of many states have eliminated the concept of par valueSee also par value+ stated valueA term used in accounting in reference to the value assigned to a corporation's stock, similar to par value. There is no relation between the stated value and the market value of stock. Stated value is the legal capital of the company.See also par value@ surrender valueIn insurance, the current value of a policy which will be paid to the policyholder when he elects to surrender the policySee cash surrender value, above.@ use valueThe value established by the usefulness of an object and not its value for sale or exchange@ value of matter in controversySee amount in controversy@ value receivedA phrase usually employed in a bill of exchange or promissory note, to denote that a lawful consideration has been given for it. Clayton v. Clayton, 125 N.J.L. 537, 17 A.2d 496, 497.It is prima facie evidence of consideration, Moses v. Bank, 149 U.S. 298, 13 S.Ct. 900, 37 L.Ed. 743; although not necessarily in money@
Black's law dictionary. HENRY CAMPBELL BLACK, M. A.. 1990.