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Simple English definitions for legal terms
full value
Read a random definition: legal asset
A quick definition of full value:
Full value: The complete worth of something. This is similar to the fair market value, which is the price that something would sell for in a fair and open market. A full warranty means that a product is guaranteed to work properly for a certain amount of time. Fully administered means that an executor or administrator has finished taking care of all the assets in an estate and there is nothing left to distribute.
A more thorough explanation:
FULL VALUE
Full value refers to the fair market value of an asset or property. It is the price that a willing buyer would pay to a willing seller in an open market transaction.
For example, if a house is listed for sale at $500,000 and a buyer agrees to pay the full asking price, then the full value of the house is $500,000.
Full value can also refer to a plea made by an executor or administrator of an estate. This plea states that all assets of the estate have been legally disposed of and there are no remaining assets to satisfy any new claims.
For example, if an executor of an estate files a fully administered plea, it means that all debts and taxes have been paid, all assets have been distributed to beneficiaries, and there are no remaining assets to be distributed.