LBM, Inc. v. Rushmore State Bank

MeMURCHIE, 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 diming 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 property, property in which Loftus and LBM still possessed a present ownership interest, Rushmore should be estopped from collecting the…