'However, if the item is retrieved, the best measure to use is market value of the used item. That’s because the original owner can sell it at market value but if it is lost forever, it must be replaced.'
Someone who takes, conceals, or destroys property in which another person has a security interest is also theft.
The classification of theft by value of the stolen item is as follows:
+$10,000 Theft in the First Degree
$1000-$10,000 Theft in the Second Degree
$500-$1000 Theft in the Third Degree
$200-$500 Theft in the Fourth Degree
<$200 Theft in the Fifth Degree
The value can be determined either by market value or replacement value. It is my position that the best measure to use for an item that cannot be retrieved is replacement value. However, if the item is retrieved, the best measure to use is market value of the used item. That’s because the original owner can sell it at market value but if it is lost forever, it must be replaced.
If you or a loved one is charged with a crime in Cedar Rapids, Iowa, contact David A. Cmelik Law PLC for a free ½ hour consultation. Become an informed legal consumer. However, remember that a blog is not legal advice and that no attorney-client relationship is established by sending unsolicited information to an attorney over the Internet.
The Caught Thief: Der beim Diebstahl ertappte Hausdiener, Öl auf Holz, signiert, English: The servant as a thief, oil on panel, signed, by C. Wauters. Public Domain. Wikipedia.
Theft is a criminal charge in Cedar Rapids and other Iowa communities in violation of Iowa Code Section 714.1 et seq. A criminal defendant in Iowa commits the criminal offense of theft when he or she:
“Takes possession or control of the property of another, or property in the possession of another, with the intent to deprive the other thereof,” or, [m]isappropriates property which the person has in trust, or property of another which the person has in the person's possession or control, whether such possession or control is lawful or unlawful, by using or disposing of it in a manner which is inconsistent with or a denial of the trust or of the owner's rights in such property, or conceals found property, or appropriates such property to the person's own use, when the owner of such property is known to the person.”
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