Landvest Associates v. Owens

Lewis, Chief Justice:

The respondents initiated these actions to recover for alleged hidden profits on the sale of real estate to their partnership. The sole issue on appeal is whether or not their first cause of action for an accounting under Section 33-41-540, South Carolina Code of Laws (1976) and their second cause of action for fraud as a result of an affirmative misrepresentation are distinct causes of action. The lower court held that they were. We disagree and reverse.

Each respondent’s complaint alleges that they, along with others, are limited partners in an association. The appellant…