Fromm v. Sierra Nevada Silver Mining Co.

Rule of Damages for Conversion of Personal Bboperty—Trover— Damages—Time—Reasonable Diligence in Prosecuting Action.— Action for the conversion of ten shares of stock in a mining company. The conversion took place on March 26, 1870, and the action was brought on May 23d following. The plaintiff used reasonable diligence in bringing the action, and was entitled, under Section 3336, Civil Code, to recover as damages for the conversion, “the highest market value of the property, at any time between the conversion and the verdict, without interest.”

Appeal by defendant from the judgment of the Superior Court of the City and County of Saii Francisco, and from an order denying a motion for a new trial. Hunt, Jr., J. Action for tho conversion of personal property. The trial was before the Court below, April 13, 1880, without a jury. Tho facts were as follows: On or about the twenty-sixth day of March, 1879, the plaintiff purchased in the market at San Francisco, ten shares of the capital stock of defendant, and received from his vendor a certificate representing ten shares of said capital stock, which had been issued by tho defendant to James Coffin, Trustee, which certificate was to the effect, that" James Coffin, Trustee, was entitled to ten shares of the capital stock of defendant, transferable on tho hooks of defendant, by indorsement thereon and surrender of said certificate. The plaintiff purchased said shares of stock at their full market value, and without notice of the rights of any third person in or to the same. On said twenty-sixth day of March, 1879, plaintiff presented said certificate, properly indorsed by said Coffin, at defendant’s office, and demanded a transfer of said shares and the issue of a new certificate to hint therefor, which was refused, for the reason, as then and there stated to plaintiff, that one M. L. McDonald had given notice to defendant that he was the rightful owner of said shares; that the said certificate had been stolen from him, and that he liad demanded that no transfer thereof be made. This action was commenced on the twenty-third day of May, 1879. The market value of said stock on said twenty-sixth day of March, 1879, and for some time thereafter, was the sum of forty-five dollars per share. Said shares were freely dealt in at and during said Eme, and the highest market value of said shares between said twenty-sixth day of- March, 1879, and the day of trial, was the sum of eighty-eight dollars and fifty cents per share, at which price said shares were selling in said market during the month of October, 1879. The Court further found that the defendant converted the stock on March 26, 1879, and that the plaintiff commenced his action within a reasonable time after his cause of action accrued, and that his said action has been prosecuted with reasonable diligence. Judgment was given in favor of the plaintiff for the sum of eight hundred and eighty-five dollars, the highest market value of the stock between March- 26, 1879, and April 13, 1880, without interest. Defendant moved for a new trial which was denied.