Georgia § 51-15-5 - Fair market value determinations; gross assets determination.
Full text of Georgia Official Code of Georgia Annotated § 51-15-5 — Fair market value determinations; gross assets determination., with citation guidance and answers to common questions.
§ 51-15-5. Fair market value determinations; gross assets determination.
A corporation may establish the fair market value of total gross assets for the purpose of the limitations under Code Section 51-15-4 through any method reasonable under the circumstances, including: By reference to the going concern value of the assets or to the purchase price attributable to or paid for the assets in an arm's length transaction; or In the absence of other readily available information from which fair market value can be determined, by reference to the value of the assets recorded on a balance sheet. Total gross assets include intangible assets. Total gross assets include the aggregate coverage under any applicable third-party liability insurance that was issued to the transferor whose assets are being valued for purposes of this Code section, which insurance has been collected or is collectable to cover successor asbestos related liabilities except compensation for liabilities arising from workers' exposure to asbestos solely during the course of their employment by the transferor. For purposes of this subsection, a settlement with an insurance company shall fix what amount of coverage was collectable. (Code 1981, § 51-15-5 , enacted by Ga. L. 2007, p. 4, § 2/SB 182.)
Frequently Asked Questions About Georgia § 51-15-5
What does Official Code of Georgia Annotated § 51-15-5 cover?
Section 51-15-5 ("Fair market value determinations; gross assets determination.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 51-15-5?
A common citation format is "Official Code of Georgia Annotated § 51-15-5" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 51-15-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.