Legal Dictionary
Main Entry:
ap·prais·alPronunciation:
&-'prA-z&lFunction:
noun : a valuation of property by the estimate of an authorized person: as
a : the determination of the fair value of a corporation's stock by a judicial proceeding that a dissenting shareholder is usually entitled by statute to demand in a case of extraordinary corporate action (as a merger) —see also
DISSENT 1 b : the estimation of the value of real estate for the purpose of taxation, sale, or securing a mortgage
c : the estimation of the value of damage done to property for the purpose of adjusting an insurance claim
[uh-prey-zuh
l] 