In an action by a personal property owner against the lienholder for wrongful conversion of the property covered by the lien, the property owner is generally only entitled to recover the excess of the fair market value of the property over the amount of the debt for which it was security.
Indiana Instruction to Jury Regarding Damages for Conversion by Lien holder is a legal directive provided to the jury in the state of Indiana when deciding a case involving damages for conversion by a lien holder. This instruction guides the jury in understanding the various aspects and considerations they need to take into account while determining the appropriate amount of damages in such cases. The instruction emphasizes the need to consider the nature and extent of the conversion by the lien holder. It instructs the jury to assess the seriousness of the conversion and its impact on the plaintiff. The jury is instructed to consider the actual value of the converted property at the time of conversion as well as any consequential damages caused by the conversion. Furthermore, this instruction also outlines the different types of damages that can be awarded in a case of conversion by a lien holder. These damages may include compensatory damages, which are intended to reimburse the plaintiff for the value of the converted property at the time of conversion. The instruction may also include instructions on punitive damages, which are awarded to punish the defendant for their intentional or reckless conduct. In addition, the instruction may provide guidelines on the calculation and assessment of damages. It may instruct the jury on how to determine the fair market value of the converted property or any other relevant factors that should be considered while calculating the damages. The jury may also be instructed on including any interest or lost profits that the plaintiff may have suffered due to the conversion. Overall, the Indiana Instruction to Jury Regarding Damages for Conversion by Lien holder plays a crucial role in guiding the jury in assessing the appropriate damages in cases involving conversion by a lien holder. It ensures that the jury is well-informed about the relevant legal principles and factors to consider while making their decision.
