Fair Cash Value Law and Legal Definition
The term fair cash value means the fair or reasonable cash price for which the property can be sold in the market. It is the intrinsic worth of the stock, which is to be arrived at after an appraisal of all the elements of value.
Fair cash value is synonymous with actual cash value. [Adams v. United States Distributing Corp., 184 Va. 134 (Va. 1945)].
The actual cash value of property is the price which it will bring in a fair market, after fair and reasonable efforts have been made to find the purchaser who will give the highest price. The actual cash value then is the fair or reasonable cash price for which the property can be sold in the market. [Birmingham Fire Ins. Co. v. Pulver, 126 Ill. 329, 337 (Ill. 1888)].
