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.
Georgia Instruction to Jury Regarding Damages for Conversion by Lienholder
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Georgia law caps most punitive awards at $250,000; however, there are three important exceptions to this limit. First, product liability claims are not limited by the statutory cap. However, it's important to note that in these cases, only 25% of the punitive damages, plus attorneys fees and costs, go to the plaintiff.
Punitive damages may be awarded only in such tort actions in which it is proven by clear and convincing evidence that the defendant's actions showed willful misconduct, malice, fraud, wantonness, oppression, or that entire want of care which would raise the presumption of conscious indifference to consequences.
The expenses of litigation generally shall not be allowed as a part of the damages; but where the plaintiff has specially pleaded and has made prayer therefor and where the defendant has acted in bad faith, has been stubbornly litigious, or has caused the plaintiff unnecessary trouble and expense, the jury may allow ...
Because punitive damages are intended to punish the wrongdoer, a wealthy wrongdoer should face a higher punitive damages award than a less wealthy party.
When a Georgia judge awards punitive damages, 75 percent of the award typically goes to the state treasury. Therefore, plaintiffs receive a comparatively small percentage of the total amount awarded.
Because Georgia law views punitive damages as strictly a means of punishing, penalizing or deterring defendants, the compensation does not go straight to the plaintiff. Most of the money goes to the government.
The U.S. Supreme Court has also set out factors to be considered in determining the size of a punitive damages award, including: The severity of the defendant's misconduct. The relation between the amount of the award and the actual harm suffered.
Conversion may be generally defined as illegitimately depriving an owner of personal property without his or her consent. In Georgia, trover is the legal action that may be initiated by a property owner to recover converted property.