A. C. Petters Co. v. St. Cloud Enterprises, Inc.

Plaintiff, A. C. Petters Company, Inc., brought this action in district court to impose a constructive trust in1 its favor upon a certain tract of land purchased by defendant St. Cloud Enterprises, Inc., through its officers and controlling shareholders, defendants Karl Petters, Edward Reichert, Jr., and Thomas Hartmann, respectively acting as managing officer, attorney, and accountant of Petters Company at the time of the purchase, upon the theory that the individual defendants, in purchasing said tract of land, had breached their fiduciary duties to Petters Company by appropriating a…