value

where the shipments have enough relationship so that they may properly be charged as a single offense, their value may be aggregated. The Act defines 'value' in terms of that aggregate.

+ 4 more definitions — see all 12 over time

The utility of an object. The price demanded or accepted as equivalent to the utility of anything. 161 111. 251; 154 111. 662. The worth of an object in purchasing other goods. The value of a thing is what it will produce. The first may be called "value in use;" the latter, "value in exchange." It is a relative term, depending upon different circumstances, 235 111. 435, and has no fixed criteria. 21 Minn. 322. "Value" differs from "price." The latter is applied to live cattle and animals. In a declaration, therefore, for taking cattle, they ought to be said to be of such a price; and in a declaration for taking dead chattels, or those which never had life, it ought to lay them to be of such a value. 2 Lilly, Abr. 629.

The utility of an object. The worth of an object in purchasing other goods. The first may be called value in use; the latter, value in exchange. When applied without qualification to property of any description, necessarily means the price which it will command in the market; Fox v. Phelps, 17 Wend. (N. Y.) 399. In an indictment, it has been held to be a synonym of “effect” or “import.” Chidester v. State, 25 Ohio St. 438. Value differs from price, q. v. The latter is applied to live cattle and animals; in a declaration, therefore, for taking cattle, they ought to be said to be of such a price: and in a declaration for taking dead chattels, or those which never had life, it ought to lay them to fie of such a value; 2 Lilly, Abr. 629. See Lawrence v. Boston, 119 Mass. 126. It is also distinguished from income when applied to property; Troy I. & N. Factory v. Corning, 45 Barb. (N. Y.) 247. As used in reference to lands taken under eminent domain, it is a relative term, depending on the circumstances. Salable value, actual value, and cash value all mean the same thing and are designed to effect the same purpose; Burr. Tax. 227. See Cummings v. Bank, 101 U. S. 162, 25 L. Ed. 903. See Intrinsic Value. Upon the question of the value of an article evidence of its original cost is rele-

The utility of an object in satisfying, directly or indirectly, the needs or desires of human beings, called by economists "value in use;" or its worth consisting in the power of purchasing other objecte, called "value in exchange." Also the estimated or appraised worth of any object of property, calculated in money. The term is also often used as an abbreviation for "valuable consideration," especially in the phrases "purchaser for value," "holder for value," etc.

— Value received. A phrase usually employed in a bill of exchange or promissory note, to denote that a consideration has been given for it.

The price which a thing will command in the market. The current value is the common market value, and the market value is the price fixed by public sales, or sales made in the ordinary way of business. Value received: a phrase used in bills and notes to show that there is a valuable consideration, and that the paper is not accommodation paper.

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.