Legal Definitions - valor

Historically, "valor" referred to the value, worth, or rate of something. It also denoted a formal valuation.

In a legal context, particularly when used historically or in specific legal phrases, valor refers to the assessed worth, value, or rate of something. It signifies a formal determination of an item's monetary or intrinsic value, often for purposes such as taxation, duties, or compensation.

• Scenario: A historical customs document from the 18th century might detail the "valor" of imported silks and spices.

  Explanation: In this context, "valor" refers to the officially determined monetary value of the goods, which was then used to calculate the customs duties or tariffs owed to the government upon their entry into the country.

• Scenario: An old will or estate document might specify the "valor" of a family heirloom, such as a piece of jewelry or a rare book, for distribution among heirs.

  Explanation: Here, "valor" denotes the appraised or agreed-upon monetary worth of the heirloom at the time the document was created, guiding its fair distribution or sale within the estate.

• Scenario: During a legal dispute over property damage in a historical court, a judge might have required an assessment of the "valor" of the damaged structure to determine appropriate restitution.

  Explanation: This usage of "valor" indicates the formal valuation of the damage or the property itself, which was essential for calculating the compensation due to the injured party.