What is fair market value for damages under section 3354 of the California Civil Code?
MultiRegion, United States of America
The following excerpt is from Ancora-Verde Corp. v. Gulf Oil Corp., 846 F.2d 1382 (9th Cir. 1988):
California courts generally allow damages under Civil Code section 3354 based upon a determination of the price at which replacements, equal in value to the property lost, could be bought in the open market. See, e.g., Wilkinson v. Singh, 93 Cal.App. 337, 269 P. 705 (1928). Under this formulation, fair market value is the correct measure of damages, so long as replacement of items of equivalent value can be had.
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