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.
Michigan Instructions to Jury Regarding Damages for Conversion by Lien holder serve as guidelines for the judge to provide direction to the jury in a court case involving a Lien holder's conversion of property. These instructions explain the applicable laws, standards, and principles that govern the determination of damages in such cases. Here are some types of Michigan Instructions to Jury Regarding Damages for Conversion by Lien holder: 1. Actual Damages: This type of instruction informs the jury about the calculation of actual damages resulting from the conversion of property by a lien holder. It would explain that actual damages are assessed based on the fair market value of the converted property at the time of the conversion. 2. Punitive Damages: In cases of intentional or willful conversion by a lien holder, the court may provide a separate instruction on punitive damages. This instruction lays out the factors the jury should consider when determining the amount of punitive damages, such as the severity of the defendant's conduct and deterrent effect. 3. Mitigation of Damages: This instruction emphasizes the lien holder's duty to mitigate damages, meaning that the injured party must take reasonable steps to reduce the harm caused by the conversion. It guides the jury on evaluating whether the plaintiff made reasonable efforts to mitigate the damages resulting from the conversion. 4. Interest on Damages: The court may provide an instruction regarding the awarding of interest on the damages. This instruction explains when and how interest should be calculated, for instance, from the date of conversion until the date of the judgment. 5. Proximate Cause: This instruction educates the jury on the concept of proximate cause and its relevance to determining damages in a conversion by a lien holder case. It clarifies that the damages awarded must be a direct result of the lien holder's conversion and not caused by unrelated factors or intervening events. 6. Evidence Considerations: This instruction highlights the jury's responsibility to carefully consider the evidence presented during the trial while determining damages. It may include guidance on evaluating witness testimony, expert opinions, documents, and other relevant evidence. By providing clear and concise instructions, the court ensures that the jury has a proper understanding of the law and principles involved in calculating damages for conversion by a lien holder, allowing them to make an informed decision.
