§431:5-310  Valuation of property.  (a) 
Real property acquired pursuant to a mortgage loan or a contract for a deed, in
the absence of a recent appraisal deemed by the commissioner to be reliable,
shall not be valued at an amount greater than the unpaid principal of the
defaulted loan or contract at the date of the acquisition, with accrued
interest thereon for not in excess of eighteen months, together with any taxes
and expenses paid or incurred in connection with the acquisition, the cost of
improvements thereafter made by the insurer, and any amounts thereafter paid by
the insurer on assessments levied for improvements in connection with the
property.



(b)  Other real property held by an insurer
shall not be valued at any amount in excess of fair value.



(c)  Personal property acquired pursuant to
security agreements made under section 431:6-310 shall 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. [L 1987, c 347, pt of §2]