sound value

sound value
An estimated value of securities not dealt in sufficiently to establish a market value by resort to market quotations. Anno: 133 ALR 1068. Permissibly the par value of long-term securities which are held, not for sale on the market but as investments, where there has been no default in payment of interest or of instalments of principal and there is absent any appraisal or offer for sale or other circumstance which indicates their value to be less. 9 Am J2d Bankr § 165. As used in a policy of insurance, the actual cash value of the property in its undamaged state or condition. 29A Am J Rev ed Ins § 1546.

Ballentine's law dictionary. . 1998.

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