Dist. Ct. did not err in dismissing as untimely plaintiff’s 2012 breach of contract action, alleging that defendant owed it $2 million for series of reinsurance transactions that occurred prior to 1993. Record showed that said contracts required parties to generate quarterly statements that netted various claims and payments between parties, and that said statements ceased after 1993. Moreover, Illinois 10-year limitations period for instant contracts applied, such that plaintiff had until 2003 to sue on said contracts. Ct. rejected plaintiff’s claim that under Ill. Statute (215 ILCS 5/206), it (as insurance company liquidator) could wait until its predecessor in interest competed its liquidation to submit final statement of account between parties, especially where plaintiff had not obtained judicial permission to delay submission of statements. Also, fact that plaintiff made initial $2 million demand in 2008 did not support its claim that separate contract arose at that time, since defendant never accepted plaintiff’s demand.
Federal 7th Circuit Court
Civil Court
Statute of Limitations