J. F. Toner & Son, Inc. v. Staunton Production Credit Ass'n

The sole question before us in this appeal is the choice of the appropriate statute of limitations applicable to actions for fraud. Because the issue was decided below upon defendants’ pleas of the statute of limitations, the facts will be stated here as alleged in the plaintiffs’ pleadings.

J.F. Toner & Son, Inc., a domesticated Delaware corporation operating a dairy farm in Virginia (the borrower), obtained a loan in 1979 from Federal Land Bank Association of Staunton and Staunton Production Credit Association (the lenders), secured by a security agreement covering a part of the borrower’s…