Cedar Lane Investments v. American Roofing Supply of Colorado Springs, Inc.

Opinion by

Judge BRIGGS.

In this quiet title action, defendant, American Roofing Supply of Colorado Springs, Inc. (American Roofing), appeals from the judgment in favor of plaintiff, Cedar Lane Investments (Cedar Lane). We affirm in part, reverse in part, and remand for further proceedings.

Allan Capps, a stockholder and employee of American Roofing, embezzled more than $200,000 from the company. Approximately $50,000 of this amount was used as a down payment on commercial real estate that he and his wife purchased from Cedar Lane pursuant to an installment land contract. The contract required,…