Mahanna, et al. v. U.S. Bank Nat'l Assoc., No. 12-3055 (8th Cir. 2014)
Annotate this CaseIn 2011, plaintiffs filed suit against the Bank for breach of contract, negligence, and conversion after plaintiffs gave physical possession of gold coins and proof sets to a predecessor of the Bank, as collateral to secure a line of credit in the 1980's, and the Bank stated conclusively in 2009 that it no longer possessed the coins. The court affirmed the district court's grant of summary judgment to the Bank, holding that the suit was time-barred by Missouri's ten-year statute of limitations. Whether plaintiffs could or could not have continued to borrow on the allegedly ongoing line of credit did not change the fact that reasonable persons had to have known, prior to January 2001, that their creditor's non-responsiveness and inability to locate the collateral suggested that an injury and substantial damages may have occurred.
Court Description: Civil case - Torts. Plaintiffs' claims for breach of contract, negligence and conversion arising out of the defendant bank's loss of pledged collateral were barred by Missouri's ten-year statute of limitations as reasonable persons had to have known, more than ten years prior to the date on which suit was finally filed, that the bank's non-responsiveness and inability to locate collateral suggested that an injury and substantial damages may have occurred.
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