Kreisers Inc. v. First Dakota Title Ltd. P’ship
Annotate this CaseKreisers Inc., a Subchapter S corporation, hired First Dakota Title to assist it with a like-kind property exchange in order to receive tax deferred benefits under 26 U.S.C. 1031. The like-kind exchange partially failed. Kreisers subsequently sued First Dakota for negligence and negligent misrepresentation. The circuit court rejected Kreiser’s negligent misrepresentation claim but determined that First Dakota was negligent in assisting Kreisers with the exchange. The Supreme Court affirmed, holding that the circuit court (1) did not err in applying tort law rather than contract law to determine the duty that First Dakota owed to Kreisers; (2) did not err in concluding that Kreisers was not contributorily negligent; and (3) did not err in its calculation of damages.
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