Cleveland Insurance Company v. Reed - 65 U.S. 284 (1860)
U.S. Supreme Court
Cleveland Insurance Company v. Reed, 65 U.S. 24 How. 284 284 (1860)
Cleveland Insurance Company v. Reed
65 U.S. (24 How.) 284
Where a mortgagor's interest in land was sold under the bankrupt act of the United States, the statute of limitations began to run from the time when the petitioner was declared a bankrupt, and not from the time when the purchaser took a deed from the assignee in bankruptcy.
By the revised statutes of Wisconsin in 1839, it is provided in the 37th section, that where there are concurrent remedies at law and in equity, the remedy in equity is barred in the same time that the remedy at law is barred. And in the 40th section it is provided, that bills for relief in case of the existence of a trust not cognizable by the courts of common law, and in all other cases not herein provided for, shall be filed within ten years after the cause thereof shall accrue, and not after that time.
Therefore, where a bill was filed for a foreclosure or sale of mortgaged property, and the defendant had been in possession for more than ten years prior to the filing of the bill, there was no corresponding remedy at law, and the case fell within the 40th section of the act.
The decree of the circuit court dismissing the bill must therefore be affirmed.