holmberg
armbrecht
argued
february
decided
february
fried
new
york
city
petitioners
edgar
souza
new
york
city
respondents
justice
frankfurter
delivered
opinion
suit
equity
petitioners
behalf
creditors
southern
minnesota
joint
stock
land
bank
minneapolis
enforce
liability
imposed
upon
shareholders
bank
federal
farm
loan
act
equal
one
hundred
per
cent
holdings
stat
bank
closed
doors
may
debts
exceeded
assets
amount
outstanding
stock
suit
accordingly
brought
district
district
minnesota
determining
collecting
assessment
due
holmberg
southern
minnesota
joint
stock
land
bank
minnesota
armbrecht
new
york
stockholder
sued
suit
failed
procedural
grounds
dismissed
without
prejudice
action
holmberg
anchell
alleged
petitioners
learn
jules
bache
concealed
ownership
one
hundred
shares
bank
stock
name
charles
armbrecht
present
action
armbrecht
bache
begun
southern
district
new
york
november
bache
died
pendency
suit
executors
substituted
parties
respondents
made
two
defenses
invoked
new
york
statute
limitation
barring
action
ten
years
new
york
civil
practice
act
urged
laches
claiming
petitioners
unduly
delayed
commencement
suit
neither
defense
sustained
district
judgment
went
respondents
judgment
reversed
circuit
appeals
reach
defense
laches
held
relying
guaranty
trust
york
new
york
statute
limitation
controlling
mere
lapse
ten
years
barred
action
since
case
raises
question
considerable
importance
enforcing
liability
federal
equitable
enactments
brought
review
guaranty
trust
york
supra
ruled
state
statute
bars
recovery
suit
state
right
likewise
bars
recovery
suit
equity
side
federal
brought
merely
citizens
different
art
iii
constitution
amenability
federal
suit
state
statute
limitation
regarded
problem
terminology
whereby
practical
effect
statute
limitation
turn
content
abstract
analysis
may
attribute
held
contrary
statute
limitation
significant
part
legal
rules
determine
outcome
litigation
significant
enforcing
right
exclusively
equitable
remedy
action
law
york
case
pointed
almost
wearisome
reiteration
reaching
result
concerned
solely
rights
purposes
diversity
suits
federal
effect
another
th
state
guaranty
trust
york
supra
page
page
considerations
urge
adjudication
law
courts
within
state
enforcing
right
created
state
hardly
relevant
determining
rules
bar
enforcement
equitable
right
created
state
legislature
congress
congress
explicitly
puts
limit
upon
time
enforcing
right
created
end
matter
congressional
statute
limitation
definitive
see
herget
central
nat
bank
trust
rub
comes
congress
silent
apart
penal
enactments
congress
usually
left
limitation
time
commencing
actions
national
legislation
judicial
implications
actions
law
silence
congress
interpreted
mean
federal
policy
adopt
local
law
limitation
see
campbell
city
haverhill
chattanooga
foundry
pipe
works
city
atlanta
rawlings
ray
implied
absorption
state
statutes
limitation
within
interstices
federal
enactments
phase
fashioning
remedial
details
congress
spoken
left
matters
judicial
determination
within
general
framework
familiar
legal
principles
see
board
county
jackson
kansas
present
case
concerns
right
federal
right
sole
remedy
equity
wheeler
greene
christopher
brusselback
russell
todd
reverse
situation
guaranty
trust
york
supra
duty
federal
sitting
state
approximate
closely
may
state
law
order
vindicate
without
discrimination
right
derived
solely
state
duty
federal
courts
sitting
national
courts
throughout
country
apply
principles
enforcing
equitable
right
created
congress
congress
leaves
federal
courts
formulation
remedial
details
hardly
expect
break
historic
principles
equity
enforcement
equitable
rights
traditionally
good
reasons
statutes
limitation
controlling
measures
equitable
relief
statutes
drawn
upon
equity
solely
light
may
shed
determining
decisive
chancellor
intervention
namely
whether
plaintiff
inexcusably
slept
rights
make
decree
defendant
unfair
see
russell
todd
supra
page
page
must
conscience
good
faith
reasonable
diligence
call
action
powers
mcknight
taylor
federal
may
bound
state
statute
limitation
yet
may
dismiss
suit
plaintiffs
diligence
wholly
unexcused
nature
claim
situation
parties
call
diligence
benedict
city
new
york
suit
equity
may
fail
though
barred
act
limitations
mcknight
taylor
supra
alsop
riker
equity
eschews
mechanical
rules
depends
flexibility
equity
acted
principle
like
limitation
mere
matter
time
principally
question
inequity
permitting
claim
enforced
inequity
founded
upon
ange
condition
relations
property
parties
galliher
cadwell
see
southern
facific
bogert
suit
equity
may
lie
though
comparable
cause
action
law
barred
want
due
diligence
plaintiff
may
make
unfair
pursue
defendant
fraudulent
conduct
part
defendant
may
prevented
plaintiff
diligent
may
make
unfair
bar
appeal
equity
mere
lapse
time
equity
lend
fraud
historically
relieved
bars
defendant
setting
fraudulent
defense
interposes
forms
fraud
long
ago
adopted
old
chancery
rule
plaintiff
injured
fraud
ignorance
without
fault
want
diligence
care
part
bar
statute
begin
run
fraud
discovered
though
special
circumstances
efforts
part
party
committing
fraud
conceal
knowledge
party
bailey
glover
wall
see
exploration
sherwood
sutton
mason
equitable
doctrine
read
every
federal
statute
limitation
federal
farm
loan
act
explicit
statute
limitation
bringing
suit
time
begun
run
petitioners
discovered
failed
reasonable
diligence
discover
alleged
deception
bache
basis
suit
bailey
glover
supra
exploration
supra
diamond
coal
incongruous
confine
federal
right
within
bare
terms
state
statute
limitation
unrelieved
settled
federal
equitable
doctrine
fraud
even
federal
statute
terms
given
mitigating
construction
required
doctrine
conclude
decision
york
case
inapplicable
enforcement
federal
equitable
rights
federal
doctrine
applied
bailey
glover
supra
series
cases
following
governs
liability
accrued
case
cf
rawlings
ray
supra
page
page
whether
petitioners
chargeable
laches
see
foster
mansfield
coldwater
railroad
southern
pacific
bogert
supra
page
page
questions
imply
views
leave
determination
circuit
appeals
case
remanded
reversed
remanded
justice
jackson
took
part
consideration
decision
case
justice
rutledge
concurring
agree
result
opinion
reserving
however
intimation
explicit
implied
full
scope
doctrine
guaranty
trust
york
may
applied
diversity
cases
many
considerations
stated
refusing
extend
doctrine
cases
concerning
federally
created
rights
relating
flexibility
remedies
equity
either
cut
extend
state
statutory
period
limitations
seemed
applicable
whenever
federal
might
asked
extend
aid
equity
arm
whether
diversity
jurisdiction
ruling
york
case
however
may
accepted
generally
diversity
cases
moreover
rejected
extension
cases
sort
without
indicating
may
cases
even
diversity
jurisdiction
deral
courts
may
required
apply
reservation
join
action
footnotes
every
land
bank
organized
act
shall
held
individually
responsible
equally
ratably
one
another
contracts
debts
engagements
bank
extent
amount
stock
owned
par
value
thereof
addition
amount
paid
represented
shares