Broadwater v. Old Republic Surety
In Broadwater v. Old Republic Surety, 854 P.2d 527, 531 (Utah 1993) the Court acknowledged the difficulty of fashioning a remedy for conversion when the property converted, such as stock, fluctuates in value.
In light of this difficulty, we adopted the "New York rule, which sets the measure of damages as the highest intermediate value of the stock between the time of conversion and a reasonable time after the owner receives notice of the conversion."
This rule "provides the fairest measure of damages to all involved" by indemnifying the plaintiff, the rightful owner of the converted stock, for his loss "without affording a windfall at the expense of the defendant."
An alternative rule, allowing the measure of damages to be calculated at the time of trial or at the highest value of the property between the date of conversion and the date of trial, would allow the plaintiff to "ride the stock market at the defendant's risk and expense until trial." (Id. at 531.)