how to get the values of managed metadata columnn through object model

Hi,

I need to read the values from a managed metadata column, which is set to display entire path.

Eg. My value looks like

Critical:Important:Interesting:Routine:Not Evaluated

without hardcoding these values, can i find which level of child has been chosen.

if its not evaluated, i should find like last child like that..

any way of doing that?

Aruna