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.
Oklahoma Instruction to Jury Regarding Damages for Conversion by Lien holder: In Oklahoma, a lien holder who wrongfully converts property owned by another party may be held liable for damages caused by such conversion. When a case involving damages for conversion by a lien holder is brought before a jury, the court may provide instructions on the applicable legal principles and guidelines for determining the appropriate damages. Keywords: Oklahoma, instruction to jury, damages, conversion, lien holder. Different types of Oklahoma Instruction to Jury Regarding Damages for Conversion by Lien holder may include: 1. Instruction on Establishing Conversion: This instruction will guide the jury on the elements necessary to establish a claim of conversion by a lien holder. It may explain that conversion occurs when a lien holder intentionally interferes with another person's ownership or possession rights over property and, as a result, causes harm or damages to the rightful owner. 2. Instruction on Liabilities: This instruction will outline the potential obligations and liabilities of a lien holder who converts property unlawfully. It may clarify that a lien holder can be held responsible for damages caused by their conversion, including both direct and consequential losses suffered by the rightful owner. 3. Instruction on Measurement of Damages: This instruction will provide the jury with guidance on how to measure and calculate the damages in a conversion case involving a lien holder. It may include factors such as the fair market value of the converted property, any decrease in value caused by the conversion, costs incurred by the rightful owner, and potential lost profits or other economic losses. 4. Instruction on Mitigation of Damages: This instruction may address the lien holder's potential argument regarding the duty of the rightful owner to mitigate their damages. It might explain that the rightful owner has a duty to take reasonable steps to minimize their losses after the conversion occurs, and any failure to mitigate damages may be considered during the assessment of the damages. 5. Instruction on Prejudgment Interest: In cases where the conversion occurred over an extended period, this instruction may inform the jury that the rightful owner may be entitled to prejudgment interest. Prejudgment interest compensates for the delay in receiving compensation for the damages suffered and is calculated from the date of the conversion until the judgment date. These different types of instructions ensure that the jury has a comprehensive understanding of the legal principles, liabilities, and guidelines to determine appropriate damages in cases involving conversion by a lien holder in Oklahoma.
