Legal Definitions - quid valet nunc

Quid valet nunc is a Latin phrase that historically means "what it is now worth." In legal contexts, it refers to the current value or worth of an item, asset, or property at the present moment, rather than its original cost, its value at some point in the past, or its potential future value. It emphasizes a contemporary assessment of an item's monetary or intrinsic value.

Here are some examples illustrating how this concept applies:

• Example 1: Insurance Claim for a Damaged Vehicle

  Imagine a car owner whose vehicle is severely damaged in an accident. When the insurance company assesses the claim, they don't consider what the owner originally paid for the car five years ago, nor what it might be worth after extensive repairs. Instead, they determine the car's quid valet nunc – its fair market value immediately before the accident occurred. This current worth helps them decide whether to declare the car a total loss or to cover the cost of repairs up to that present value.

  How it illustrates: This example demonstrates determining the current market value of an asset at a specific point in time (just before the damage) to calculate appropriate compensation.

• Example 2: Valuation of Assets in an Estate

  When a person passes away, their estate (which includes all their property, such as a house, investments, and personal belongings) must be valued for probate and inheritance tax purposes. An appraiser will assess the quid valet nunc of each asset – for instance, the current market value of the house, the present trading price of stocks, or the contemporary worth of antique furniture – as of the date of the person's death. This ensures that the estate is administered based on its actual value at that time.

  How it illustrates: This shows the necessity of establishing the current worth of various assets for legal and financial administration, specifically at the moment of an individual's passing.

• Example 3: Determining Damages in a Breach of Contract

  Suppose a rare piece of art was promised for sale in a contract, but the seller breaches the agreement and refuses to deliver it. If the buyer sues for damages, a court might need to determine the quid valet nunc of that specific artwork. This would be its current market value at the time of the breach, which the buyer lost the opportunity to acquire. This current valuation helps the court award monetary compensation that accurately reflects the buyer's loss.

  How it illustrates: Here, quid valet nunc is used to ascertain the present monetary value of a unique item to calculate the financial loss suffered by a party due to a contractual breach.