Dragt v. Dragt/DeTray, LLC

*564¶1 — Henry and Jane Dragt appeal the trial court’s conclusion that they breached their contractual and fiduciary duties as members of a limited liability company between the Dragts and land developer Paul DeTray. The Dragts owned a large parcel of land that they wanted to develop, but they lacked the funds and expertise. In 1996, they formed Dragt/DeTray, LLC (LLC) for the purpose of developing their property. DeTray agreed to front the costs and to provide his expertise to develop the Dragts’ land. The operating agreement granted the LLC a future option to purchase the land, but the Dragts…