556.217 Violation of act; agent's liability.
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556.217 Violation of act; agent's liability.
Sec. 117.
(1)An agent who violates this act is liable to the principal or the principal's successors in interest for the amount required to restore the value of the principal's property to what it would have been had the violation not occurred, including reimbursement of attorney fees and costs paid on the agent's behalf in the defense of conduct constituting or contributing to the violation.
(2)If an agent embezzles or wrongfully converts the principal's property, or refuses, without colorable claim of right, to transfer possession of the principal's property to the principal or the principal's successors in interest on demand, the agent is liable in an action brought by the principal or the principal's successors in interest for treble the value of any property embezzled, converted, or wrongfully withheld from the principal or the principal's successors in interest.
History: 2023, Act 187 , Eff. July 1, 2024