Alteration vs. Conservation Defined

[benjulmag]

Originally Posted by Peter_Spaeth

They really should have promised to reimburse for out of pocket cost, not current market value. The buyer gets a huge windfall this way in a rising market. As to your question, who knows, it would depend on what the cause of action is and what triggers the statute of limitations I guess. I'd have to think about that. But as it's likely to run from when you did or could have discovered your claim in the exercise of reasonable diligence, you likely would be out.

I agree with your point about exercise of reasonable diligence, unless I could fashion an argument that it was only recently that I was reasonably put on notice about the likelihood of alteration. I would think the action would be breach of contract, though there could be a lack of privity problem if I was not the person who submitted the card for grading. If I bought it from an auction house, they probably had a disclaimer that they are not responsible for the accuracy of graded cards. So they would be protected. However, they probably would have a duty to reveal the consignor, and that would be the person I would have to go after. That person in turn would assign me his right to sue the grading company (assuming he was the person who had the card graded). If he in turn bought it from someone else and it was that other person who had the card graded, then he would have to go after that person. This potentially could go on down the chain until I reached the person who had the card graded.

What a mess.