Guaranty Trust Co. v. York
United States Supreme Court
326 U.S. 99 (1945)
York (plaintiff) sued Guaranty Trust Co. (Guaranty) (defendant) for alleged breach of trust. The suit was a federal diversity action and New York substantive law governed. Guaranty claimed the suit was barred by the statute of limitations. York argued that since the action was “in equity,” the federal court was not bound by the statute of limitations. The court of appeals agreed and permitted the suit to continue. The United States Supreme Court granted certiorari.
Rule of Law
Holding and Reasoning (Frankfurter, J.)
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