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Civil Procedure Keyed to Field
Guaranty Trust Co. v. York
Citation:326 U.S. 99, 65 S.Ct. 1464
CaseCast™ – "What you need to know"
Noteholders of Van Sweringen Corporation (Plaintiffs) sued Guaranty Trust Co. (Defendant), the noteholders’ trustee, for alleged breach of trust. They brought a class action in federal district court in New York, which exercised diversity jurisdiction. The district court granted Guaranty Trust Co.’s motion for summary judgment, 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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