Valley Cement Industries, Inc. v. Midco Equipment Company

ALVIN B. RUBIN, Circuit Judge:

The issue presented in this diversity case is whether the plaintiffs 1972 suit on a credit memorandum issued to it in 1958 by the defendant is barred by Mississippi’s statute of limitations or by laches. The plaintiff appeals from a judgment below holding that it was, and we affirm.

Mississippi Valley Portland Cement Co. (“Mississippi Valley”), now the plaintiff, Valley Cement Industries, Inc. (“Valley Cement”), was incorporated in 1957 for the purpose of manufacturing and selling cement. In return for a number of shares of the plaintiff’s stock, on January 31,…