Civil Procedure Keyed to Friedenthal
Guaranty Trust Co. of New York v. York
ProfessorTodd Berman
CaseCast™ – "What you need to know"
Facts
Guaranty Trust Company (Defendant) was a trustee of Van Sweringen Corporation. Defendant loaned money to corporations affiliated with the Van Sweringen. Van Sweringen was having trouble meeting its financial obligations, so Defendant and other banks worked out a plan that Defendant would offer to purchase notes by paying $500 and twenty shares of Van Sweringen’s stock for each $1000 note. Plaintiff received $6000 of the notes from a donor who had not accepted Defendant’s offer. Plaintiff brought a diversity suit against Defendant alleging breach of fiduciary duty by fraud and misrepresentation, which was an equitable remedy. The Court of Appeals found that if the suit was brought in equity, a federal district court was not required to apply the state statute of limitations that would govern similar suits in state courts, even though the exclusive basis of federal jurisdiction was diversity. The Supreme Court granted certiorari.
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