Value, Value Received

VALUE - the face, par, or market value, whichever is the greatest, and the aggregate value of all goods, wares, and merchandise, securities, and money referred to in a single indictment shall constitute the value thereof. 18 USC

common law. This term has two different meanings. It sometimes expresses the utility of an object, and some times the power of purchasing other good with it. The first may be called value in use, the latter value in exchange.

Value differs from price. The latter is applied to live cattle and ani-mals; in a declaration, therefore, for taking cattle, they ought to be said to be of such a price; and in a declaration for taking dead chattels or those which never had life, it ought to lay them to be of such a value.

VALUE RECEIVED - This phrase is usually employed in a bill of exchange or promissory note, to denote that a consideration has been given for it.

The expression value received, when put in a bill of exchange, will bear two interpretations: the drawer of the bill may be presumed to acknowledge the fact that he has received value of the payee or when the bill has been made payable to the order of the drawer, it implies that value has been received by the acceptor. In a promissory note, the expression imports value received from the payee.
   

This entry contains material from Bouvier's Legal Dictionary, a work published in the 1850's.