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Lack of Value of Property

The fact that the property converted has no value can be a provisional defense.  In Warren Producers, Inc. v. Abbott (In re Warren Producers, Inc.), 2009 Bankr. LEXIS 290 (Bankr. W.D. Ky. Jan. 22, 2009), the court held that in order to recover on a claim of conversion, under Texas law, a plaintiff is required to establish that property owned by it was converted and establish the value of that property.  The actual value of the property to the owner at the time of the conversion may be a proper measure of damages when the property has no readily ascertainable fair market value.  Nevertheless, it is well established that it is not necessary for property to possess commercial value or market value in order to maintain an action for conversion.

Inside Lack of Value of Property