Cope v. Anderson
331 U.S. 461 (1947)

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U.S. Supreme Court

Cope v. Anderson, 331 U.S. 461 (1947)

Cope v. Anderson

No. 593

Argued April 28, 1947

Decided June 2, 1947*

331 U.S. 461

Syllabus

1. Within the meaning of the Ohio "borrowing statute," the "cause of action" in a suit brought in Ohio against residents of that State to enforce their statutory double liability on shares of an insolvent Kentucky national bank "arose" in Kentucky, and the applicable statute of limitations was the five-year statute of Kentucky. Pp. 331 U. S. 464-468.

2. Within the meaning of the Pennsylvania "borrowing statute," the "cause of action" in a suit brought in Pennsylvania against a resident of that State to enforce a statutory double liability on shares of an insolvent Kentucky national bank "arose" in Kentucky, and the applicable statute of limitations was the five-year statute of Kentucky. P. 331 U. S. 468.

3. The national bank having been authorized to do its banking business in a Kentucky city and not having done business elsewhere, the fact that its shares were held in the portfolio of a Delaware corporation did not make its business any the less local. P. 331 U. S. 467.

4. No federal statute having fixed any period of limitations in respect of suits to enforce the statutory double liability of shareholders of insolvent national banks, the statute of limitations of the State in which the suit is brought applies. P. 331 U. S. 463.

5. Where the concurrent jurisdiction of equity to enforce a legal obligation derives only from the scope of the relief sought and the multitude of the parties sued, equity will withhold relief if the applicable statute of limitations would bar the concurrent legal remedy. Pp. 331 U. S. 463-464.

Page 331 U. S. 462

6. Although the period in which a suit to enforce the statutory double liability of a shareholder of an insolvent national bank must be brought is governed by state statutes of limitation,the question of when the period begins to run depends upon when, under federal law, the Comptroller of the Currency, or his authorized agent, is empowered by federal law to bring suit. P. 331 U. S. 464.

7. In the instant cases, the suits could not be brought by the Comptroller or his agent until the date fixed by the Comptroller for payment, so the period of limitations did not begin to run until that date. P. 331 U. S. 464.

156 F.2d 972 reversed. 156 F.2d 47 affirmed.

No. 593. A suit brought against petitioner to enforce a statutory double liability on shares in an insolvent national bank was dismissed by the District Court as barred by limitations. 62 F.Supp. 705. The Circuit Court of Appeals reversed. 156 F.2d 972. This Court granted certiorari. 329 U.S. 707. Reversed, p. 331 U. S. 468.

No. 656. In a suit against respondents to enforce a statutory double liability on shares of an insolvent national bank, a motion to dismiss on the ground, inter alia, that the suit was barred by limitations was overruled by the District Court. The Circuit Court of Appeals reversed. 156 F.2d 47. This Court granted certiorari. 329 U.S. 707. Affirmed, p. 331 U. S. 468.

Page 331 U. S. 463

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