Todd v. Russell

I think this claim is now too stale to be enforced. New York Civil Practice Act, § 49, subd. 4, includes, among the actions which must be commenced within three years after the cause of action has accrued, “an action against a * * * stockholder of a moneyed corporation, or banking association, * * * to enforce a liability created by the common law or by statute.” This statute has been applied to an action in a federal court in the Northern District of New York to enforce a stockholder’s statutory liability (Platt v. Wilmot, 193 U.S. 602, 24 S.Ct. 542, 48 L.Ed. 809), pursuant to the wise and…