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Civil Procedure Keyed to Erichson
Guaranty Trust Co. of New York v. York
Citation:326 U.S. 99 (1945)
CaseCast™ – "What you need to know"
Noteholders of Van Sweringen Corporation (Plaintiffs) sued the noteholders’ trustee, Guaranty Trust Co. (Defendant), for alleged breach of trust in a class action in New York federal district court, which exercised diversity jurisdiction. The federal district court entered summary judgment for the defendants, holding that the state’s statute of limitations applied and barred the lawsuit. The Circuit Court of Appeals reversed, holding that the state statute of limitations did not apply, because it was overriden by a federal tolling doctrine.
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