“Fair Is Foul, And Foul Is Fair”, But Are “Fair Value” And “Fair Market Value” Synonymous?

Last Friday, I wrote in this post about a recent Nevada Supreme Court decision that provides a modicum of guidance on how “fair value” is to be determined for purposes of Nevada’s dissenters’ rights law.

California’s dissenters’ rights law doesn’t refer to “fair value”. Rather, California uses the term “fair market value”. According to Professor Harold Marsh, Jr., the use of the term “fair market value” dates back to 1939 when it was substituted for the phrase “fair cash value”. H. Marsh, Jr., R. Finkle, & L. Sonsini, Marsh’s California Corporation Law § 20.05[A] (4th ed.).

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