Duhaime's Law Dictionary


Appraisement Definition:

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.

Related Terms: Appraisal, Valuation, Fair Market Value

Synonymous 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 appraisement 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

Categories & Topics:


Always looking up definitions? Save time with our search provider (modern browsers only)

If you find an error or omission in Duhaime's Law Dictionary, or if you have suggestion for a legal term, we'd love to hear from you!