law-fair-market-value-and-actual-value | conversion claim damages |
FAIR MARKET VALUE
“Fair market value" is the price the property would bring when offered for sale by one who desires, but is
not obliged to sell, and bought by one who is under no necessity of buying it. City of Austin v. Cannizzo,
153 Tex. 324, 267 S.W.2d 808, 815 (1954). “Actual value" applies to goods possessed for the owner's
comfort and well‑being, rather than for resale. See Crisp v. Sec. Nat'l Ins. Co., 369 S.W.2d 326, 329
(Tex. 1963). “The measure of damages that should be applied for loss of this kind of property is actual
value of the articles to the owner in the condition they were in at the time of the loss, without resort to
market value, and excluding any fanciful or sentimental considerations." Wright v. Gernandt, 559 S.W.2d
864, 870 (Tex. Civ. App.- Corpus Christi 1977, no writ) (citing Crisp, 369 S.W.2d at 328-29)).
Langhorne v. Miller (Tex.App.- Houston [14th Dist.] Aug. 4, 2009)(Seymore) (conversion of aircraft,
proof of conversion damages, market value, owner may testify, quantum meruit claim fails)
AFFIRMED: Opinion by Justice Seymore
Before Justices Seymore, Brown and Sullivan)
14-08-00081-CV Danny Langhorne v. Kay M. Miller
Appeal from County Civil Court at Law No 3 of Harris County
Trial Court Judge: Linda Storey