Caribbean Mushroom Co. v. Government Development Bank for Puerto Rico

COFFIN, Senior Circuit Judge.

Plaintiff-appellee Caribbean Mushroom Company, Inc. seeks damages for the breach of an agreement to provide it with a $100,000 loan. The issue before us is whether the company waited too long to bring its action. The agreement allegedly was breached in January 1978. The lawsuit was filed nearly flfteen years later, in January 1993. The district court concluded that the action was subject to a three-year statute of limitations, and therefore granted summary judgment for the defendants. Our review of the relevant statutes and caselaw persuades us that a fifteen-year…