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It does not matter if the defendant made a mistake. The standard remedy for conversion is a judgment for damages in an amount equal to the fair market value of the property. Punitive damages are also possible, because conversion is an intentional tort.
The tort of conversion is the exercise of dominion over property in violation of the rights of the owner or the person entitled to possession. Grayson v. Bank of Little Rock, 334 Ark.
The elements of conversion are as follows; a person, who takes your property, and deprives you of it. As the 4th Circuit Court of the United States said, ?Conversion involves an act of control or dominion over the property that seriously interferes with the owner's rights,? United States v. Stockton, 788 F.
For example, a person who picks up a necklace off the ground with the intent to resell it because they erroneously believed it was abandoned still converted that necklace. The standard remedy for conversion is return of the property in question or damages for the fair market value of the property.
Conversion can occur when someone, acting without your consent, does any of the following with your property: Takes and fails to return your private property. Sells your property. Substantially changes your property, like cutting down trees to use the wood in construction. Severely damages or misuses your property.