Law · Legal Information · Justice
 

Appraisement

The inspection and appraisal or valuation of property, especially vessels, such as by a court-appointed surveyor, before its judicial sale, thus allowing the court to make an informed decision as to whether the judicial sale price is fair to the parties, particularly where there are competing claims for the proceeds of sale.

Aynonymous with appraisal and valuation, the latter term being preferred in some jurisdictons or industries or in regards to the appraisal of certain goods.

The term apraisement seems to be the word preferred in maritime law or admiralty law.

Jowitt's Dictionary of English Law defines appraisement as:

"The act of valuing property, goods, furniture, etc.

Appraisement of a ship is sometimes ordered by the Admiralty Division of the High Court and also, generally, before the sale of any property by order of the court."

REFERENCES

Are we missing anything? If you think there is a term that should be included, please send us the suggestion

  • Dictionary
  • Resources
  • LawMag

Latest LagMag headlines:

H1N1 Law - Swine Law for a Swine Flu

In a state of public health law anarchy, professional hockey players receive a killer flu vaccine while infants and pregnant women wait.

The Death of the Common Law: Expiry date, 2100

Just about now, but for the economic might of the United States of America, the last funeral bell tolls of the common law would be fading.

Gretzky Law

The recent Phoenix Coyotes debacle, in which he left behind his job, is not the only time Wayne Gretzky has had to leave from the side exit of a courtroom.


Read earlier headlines »
Subscribe to stay in touch »

Unless otherwise noted, this article was written by Lloyd Duhaime, Barrister, Solicitor, Attorney and Lawyer (and Notary Public!). It is not intended to be legal advice and you would be foolhardy to rely on it in respect to any specific situation you or an acquaintance may be facing. In addition, the law changes rapidly and sometimes with little notice so from time to time, an article may not be up to date. Therefore, this is merely legal information designed to educate the reader. If you have a real situation, this information will serve as a good springboard to get legal advice from a lawyer.

top