Dremco, Inc. v. South Chapel Hill Gardens, Inc.

This suit arose when Hartz Construction Company (Hartz) purchased 13.8 acres of land for itself near a parcel that it was developing jointly with Dremco, Inc. (Dremco). Dremco appeals from the circuit court’s order granting summary judgment in favor of Hartz on Dremco’s claim for breach of fiduciary duty and its request for imposition of a constructive trust, questioning whether the court misapplied the corporate opportunity doctrine.

In 1986, Dremco and Hartz entered into a joint venture agreement, known as the Laramie Square IV Joint Venture (Square IV venture), for the purpose of acquiring…