U.S. Bank Trust National Association v. Venice MD LLC

92 F. App’x 948 (2004)

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U.S. Bank Trust National Association v. Venice MD LLC

United States Court of Appeals for the Fourth Circuit
92 F. App’x 948 (2004)

Facts

Metropolitan Bank and Trust (Metropolitan) (plaintiff) loaned money to a purchaser to buy restaurant equipment. The purchaser used the equipment in a restaurant and hotel it had leased from its landlord (defendant). The purchaser defaulted on the loan, and Metropolitan notified the landlord that Metropolitan had a security interest in the equipment. The landlord subsequently took possession of the restaurant and hotel and continued to operate the restaurant, using the purchaser’s equipment over Metropolitan’s objection. Metropolitan sued the landlord for trespass to chattels and sought an award of damages equal to the restaurant’s gross revenue during the several months that the landlord used the equipment. The trial court found the landlord liable for trespass to chattels and determined that the appropriate measure of damages was the rental value of the equipment. Rental prices for similar equipment ranged from $20,000 per month to $62,000 per month. The trial court awarded Metropolitan damages of $25,000 per month. The landlord appealed, arguing that the appropriate measure of damages was the diminution in value of the equipment during the time that the landlord had used it, which would have resulted in an award of nominal damages.

Rule of Law

Issue

Holding and Reasoning (Per curiam)

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