§431:5-310  Valuation of property.  (a) Real property acquired pursuant to a mortgage loan or a contract for a deed, inthe 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 thedefaulted loan or contract at the date of the acquisition, with accruedinterest thereon for not in excess of eighteen months, together with any taxesand expenses paid or incurred in connection with the acquisition, the cost ofimprovements thereafter made by the insurer, and any amounts thereafter paid bythe insurer on assessments levied for improvements in connection with theproperty.

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

(c)  Personal property acquired pursuant tosecurity agreements made under section 431:6-310 shall not be valued at anamount greater than the unpaid balance of principal on the defaulted loan atthe date of acquisition together with taxes and expenses incurred in connectionwith the acquisition, or the fair value of the property, whichever amount isthe lesser. [L 1987, c 347, pt of §2]