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Appletree Square I Limited Partnership v. Investmark, Inc. | 494 N.W.2d 889 (1993)

The doctrine of caveat emptor, or buyer beware, provides that sellers have no duty to disclose even material information to buyers. But there are many exceptions to this rule. Appletree Square I Limited Partnership versus Investmark explores the fiduciary relationship exception.

Several finance and marketing companies formed Appletree Square I Limited Partnership to buy and operate a large office building. Investmark, the building’s designer and builder, sold the building to Appletree but also held an interest in the partnership during and after the sale. The partnership agreement required Investmark to provide the other partners with any information they reasonably requested. Before purchase, Appletree asked Investmark to share any information that would materially affect the investors’ purchase decision. Investmark then told Appletree it could review the building records and conduct an inspection.

Several years after the purchase, Appletree discovered asbestos in the building and sued Investmark for fraud and breach of fiduciary duty to disclose. Investmark moved for summary judgment. It argued that it had no duty to disclose because the partnership agreement and the Uniform Partnership Act only impose an obligation to respond to requests and Appletree never asked about asbestos. Investmark also argued that Appletree unreasonably relied on Investmark to disclose because Appletree failed to sufficiently inspect the building and its records.

The trial court agreed with Investmark and granted summary judgment. Appletree appealed to the Minnesota Court of Appeals.

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