Legal Definitions - quoad valet seipsum

Quoad valet seipsum is a historical Latin legal phrase that translates to "with regard to its real value." It refers to the principle of assessing something based on its true, inherent worth, rather than a superficial, declared, or perceived value that might not reflect its actual market or intrinsic worth. This concept was particularly relevant in older legal systems when determining fair compensation, damages, or the true nature of an asset.

Here are some examples illustrating this concept:

• Imagine a situation where a rare, antique piece of furniture is sold, but the seller unknowingly misrepresents its authenticity, leading the buyer to pay an inflated price. If the buyer later discovers the true nature of the item, a court might apply the principle of quoad valet seipsum. This means the court would determine the buyer's damages or the fair price adjustment based on the furniture's real value as a reproduction, rather than the value it was initially believed to have as an authentic antique.

• Consider a scenario involving a shipment of perishable goods, such as fresh produce, that arrives at its destination significantly damaged due to improper handling during transit. When determining the compensation owed by the shipping company, the assessment would likely be based on the goods' quoad valet seipsum. This means the compensation would reflect the real value of the produce in its damaged state, or its diminished market value, rather than its original, undamaged selling price.

• In the context of an estate settlement, if a deceased individual owned a collection of unique, unappraised artworks, their value for inheritance purposes would need to be established. An estate executor would commission professional appraisals to determine the quoad valet seipsum of each piece. This ensures that the assets are valued at their real market value, based on expert opinion and current market conditions, rather than relying on a family's sentimental estimates or outdated purchase prices.