§ 58-7-193. Valuation of property. - North Carolina Statutes

§ 58‑7‑193. Valuation of property.

(a),       (b) Repealed bySession Laws 2003‑212, s. 9, effective October 1, 2003.

(c)        Personal propertyacquired pursuant to chattel mortgages made in accordance with G.S. 58‑7‑180shall not be valued at an amount greater than the unpaid balance of principalon the defaulted loan at the date of acquisition, or the fair market value ofthe property, whichever amount is less.

(d)        If the Commissionerand an insurer do not agree on the value of real or personal property of aninsurer, in carrying out the Commissioner's responsibilities under thissection, the Commissioner may retain the services of a qualified real orpersonal property appraiser. The insurer shall reimburse the Commissioner forthe costs of the services of any appraiser incurred with respect to theCommissioner's responsibilities under this section. (1991, c. 681, s. 29; 2003‑212,s. 9.)