33-2-534. Valuation of property. (1) Real property acquired pursuant to a mortgage loan or contract for sale may not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of acquisition, together with any taxes and expenses paid or incurred in connection with the acquisition, the cost of improvements made by the insurer after acquisition, and any amounts paid by the insurer after acquisition on assessments levied for improvements in connection with the property. After the initial valuation as set forth in this section, any land must be valued at its acquisition cost and any improvements on the land must be valued at depreciated acquisition cost.
     (2) Other real property held by an insurer may not be valued at an amount in excess of acquisition cost, if land, and depreciated acquisition cost, if an improvement to land.
     (3) Personal property acquired pursuant to chattel mortgages may not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition, together with taxes and expenses incurred in connection with the acquisition, or the fair value of the property, whichever amount is the lesser.

     History: En. Sec. 96, Ch. 286, L. 1959; R.C.M. 1947, 40-3015; amd. Sec. 2, Ch. 534, L. 1987; amd. Sec. 41, Ch. 304, L. 1999.