What is the test for determining the fair value of a property that is subject to a bankruptcy proceeding?
California, United States of America
The following excerpt is from Coppola v. Superior Court, 211 Cal.App.3d 848, 259 Cal.Rptr. 811 (Cal. App. 1989):
Defendants' alternative premise is that the "fair value" limitations ( 580a, 726) must be deemed to apply to a sale "free and clear of liens" under 11 U.S.C. 363(f) in order to equalize the protection of their rights under bankruptcy law and state law. As authority, they rely primarily on Butner v. United States, supra, 440 U.S. 48, 99 S.Ct. 914.
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