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Tuesday, April 29, 2008

Ind. Decisions - Supreme Court rules re duty of broker

In Tonda Beth Nichols v. Rex David Minnick & R. David Minnick, Inc., d/b/a Commercial Properties, an 8-page, 5-0 decision, Justice Boehm writes:

We hold that a broker who breaches his fiduciary duty to disclose material information to his client loses his right to receive a commission for his services. * * *

The trial court’s order is reversed and the case is remanded with instructions to enter judgment ordering Minnick to assign to Nichols the note representing his commission and to disgorge to Nichols any payments received on that note, with interest on those payments at the statutory rate of eight percent per annum pursuant to Indiana Code section 24-4.6-1-101 (2004).

Posted by Marcia Oddi on April 29, 2008 10:17 AM
Posted to Ind. Sup.Ct. Decisions