Value

Appraised worth; estimation in the market; supposed purchasing power; worth in money. A distinction has been made between value and price. If a plaintiff declares in an action of trespass for the taking away of live cattle, or one particular thing, he ought to say that the defendant took them away, prelii so much; if the declaration be for taking of things without life, it must be alleged ad valentiam, &c.; so that live cattle are to be prized at such a price as the owner of them did esteem them to be worth, and dead things to be reckoned at the value of the market, which may be certainly known. Of coin not current it shall be pretii; but of common coin current it shall be neither said pretii nor ad valentiam, for the value and price thereof is certain. The difference between pretii and ad nalentiam may proceed from the rule in the register of writs, which shows it to be according to the ancient forms used in the law. ( West. Symb. par. 2; 2 LiU. Abr. 629.) Jacob. The word value has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys. The one may be called "value in use;" the other, " value in exchange." The things which have the greatest value in use have frequently little or no value in exchange; and, on the contrary, those which have the greatest value in exchange have frequently little or no value in use. Nothing is more useful than water; but it will purchase scarce any thing; scarce any thing can be had in exchange for it. A diamond, on the contrary, has scarce any value in use, but a very great value in exchange. Ad. Smith. There is a distinction between " value " and " income," when taken separately and alone. Property may have an annual value without any income.

Troy Iron & Nail Factory v. Winslow, 45 Barb. 231.

Value, as used in assessments of damages for land taken to widen a street, means a fair compensation to the occupant, rather than the market value.

Lawrence v. Boston, 119 Ma^s. 126. As used in Minn. Laws, 1857, ch.

1, § l.S, providing for the appraisal of the value of lands taken for right of way, it embraces not only the value of the strip of land taken, as an isolated parcel of land, but such additional value as attaches to it by reason of its connection with adjacent land of the same owner. Scott o. St. Paul, &c.

Ry. Co., 21 Minn. 322.

As used in Ohio Grim. Code, § 93, providing that in an indictment for forging, uttering, &c., any instrument, it shall be sufl Scient to set forth the value thereof, value is used in the sense of " effect," " import," and not in the sense of " worth in money." inserted in a bill or note, as an acknowledgment that the paper was made for a consideration in money or property, and not for accommodation. The words value receired, when used in an instrument, do not necessarily import a consideration in money. A promise to pay in the future may be shown to have been the conaideration.

Osgood v. Bringolf, 32 Iowa, 265.

The fact that a bill contains the words " value received," does not make the mere offering it for discount a representation tliat it was actually accepted for value received.

Clark K. Loomis, 5 Duer, 468.

In a guaranty to pay the debt of another, the words " for value received " sui Bciently express a consideration.

Watson v. M'Laren, 19 Wend. 557; Miller v. Cook, 23 N. Y. 495; Caldwell v. Mc Kain, 2 Nott Sr M. 555; Woodward v. Pickett, Dudley (S. C), 30; Brown v. Bussey, 7 Humph. 573; Hall v. Rodgers, Id. 536; Day v. Elmore, 4 Wis. 190; Cheney v. Cook, 7 Wis. 413.

One railroad company guaranteeing by indorsement the payment of the interest warrants, or coupons, of another, for " value received," is not an accommodation indorser or guarantor; the words " value received" import a sufficient consideration. Connecticut, &c. Ins. Co. V. Cleveland, &c.

E. R. Co., 41 Barb. 9.

Valuable consideration

The distinction between a good and a valuable consideration is, that the former consists of considerations of blood, or of natural love and affection; as when a man grants an estate to a near relation from motives of generosity, prudence, and natural duty; and the latter consists of such a consideration as money, marriage which is to follow, or the like, which the law esteems an equivalent given for the grant. Brown. Valuable security. Is defined by the English larceny act (Stat. 24 & 25 Vict. ch. 96) to include any order, exchequer acquittance, or other security whatsoever evidennng the title of any party to share in any public stock; also, any debenture, deed, bond, &c., or other security for the payment of any money. Mozley ^ W.

Valued policy

A policy is called valued, when the parties, having agreed upon the value of the interest insured, in order to save the necessity of further proof, have inserted the valuation in the policy, in the nature of liquidated damages.

1 Dmr Ins. 97.