Legal Question in Business Law in Massachusetts
I loaned a piece of equipment to someone else. They signed paper work that they would be responsible for the safety and security of the machine. The machine was stolen. It wasn't brand new when they got it but fairly new in perfect working condition. They want to pay a very depreciated price-tag for the stolen machine. I am seeking the full replacement cost since I am out that piece of equipment and will have to purchase a new one. Who is right?
2 Answers from Attorneys
Generally speaking, the measure of damages for conversion equals the Fair Market Value (the amount a reasonably prudent buyer would pay on the open market in an arm's length transaction) of the property at the time of conversion.;)
John is correct, and you should try to have the loaner replace the item with a comparable one. Your are not entitled to a new piece of equipment.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
