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Civil Procedure Keyed to Glannon
Guaranty Trust Co. of New York v. York
Citation:326 U.S. 99 (1945)
CaseCast™ – "What you need to know"
York owned certain notes issued by a third party. She brought a class action lawsuit against Guaranty Trust Co. for breach of trust because of its alleged failure to protect the noteholders’ interests. The class action was brought in federal court in New York; jurisdiction was based on diversity. Guaranty Trust asserted that York’s action was barred by the New York’s state statute of limitations. The Court of Appeals held that the federal court did not have to apply the state statute of limitations, and could instead determine the matter using the doctrine of laches.
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