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LBM INC. v. RUSHMORE STATE BANK

No. 18882.

543 N.W.2d 780 (1996)

LBM, INC. and Ronald J. Loftus, Plaintiffs and Appellants, v. RUSHMORE STATE BANK, Defendant and Appellee.

Supreme Court of South Dakota.

Decided February 7, 1996.

Attorney(s) appearing for the Case

Robert F. LaFleur and Jon J. LaFleur of LaFleur and LaFleur, Rapid City, for plaintiffs and appellants.

Wayne F. Gilbert of Johnson Huffman, PC, Rapid City, for defendant and appellee.

McMURCHIE, Circuit Judge.

[¶ 1] Ronald J. Loftus (Loftus) and LBM, Inc. (LBM) brought an action against Rushmore State Bank (Rushmore) alleging the bank had breached a fiduciary duty during negotiations for the sale and the pursuant release of a lien held by Rushmore on personal property located at the "Supreme Courts Racquetball Club" (Club) in Rapid City, South Dakota. Loftus and LBM claimed that due to Rushmore's actions in the disposition of the personal...

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