Dist. Ct. did not err in dismissing on limitations grounds plaintiff's lawsuit seeking declaration that parties' 1992 settlement agreement allowed plaintiff to retain shares of stock that plaintiff had owned in closely-held corporation. Under Indiana law, plaintiff had two years to bring instant lawsuit, and record showed that: (1) corporation had cancelled plaintiff's shares of stock in 1992; (2) at some point between 1992 and 1998, plaintiff stopped identifying himself as one of corporation's investors who was entitled to corporation's profits for income tax purposes; and (3) after January of 1998, plaintiff never tried to learn from corporation how much income he should report and otherwise did not pay any federal tax on any of corporation's profits. At some point after 2017, instant lawsuit was filed, and Dist. Ct. could properly find that plaintiff's cause of action accrued no later than 1998. Moreover, Ct. rejected plaintiff's contention that corporation's refusal to recognize him as shareholder was continuing wrong, such that he could bring instant lawsuit at any time.
Federal 7th Circuit Court
Civil Court
Statute of Limitations