AMI 2221 Fair Market Value—Definition
Ark. Model Jury Instr., Civil AMI 2221
Arkansas Model Jury Instructions-Civil
December 2023 Update
Chapter 22. Damages
AMI 2221 Fair Market Value—Definition
When I use the expression “fair market value,” I mean the price that the (description of property) would bring on the open market in a sale between a seller who is willing to sell and a buyer who is willing and able to buy after a reasonable opportunity for negotiations.
NOTE ON USE
This instruction should be used when it is necessary to define “fair market value” as used in some other instruction.
For eminent domain cases, use AMI 2006 for the definition of “fair market value.”
COMMENT
This instruction is based on Southern Bus Co. v. Simpson, 214 Ark. 323, 215 S.W.2d 699 (1948). This definition of fair market value was approved in Minerva Enterprises Inc. v. Howlett, 308 Ark. 291, 824 S.W.2d 377 (1992).
© 2023 Arkansas Supreme Court Committee on Jury Instructions-Civil
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