Farias v. Laredo National Bank

OPINION

HARDBERGER, Chief Justice.

INTRODUCTION

This is a statute of limitations case. The Laredo National Bank, acting as trustee, sold a farm in Laredo, Texas in November 1968. It sold the seventy acres involved for $1,610 per acre, for a total sales price of $113,795.25. Subsequent events proved this was too cheap. The buyer, B.P. Newman, divided the land into smaller parcels and, within twenty-eight months, had sold the parcels for $4,500 an acre, making about a 300% profit. Twenty-two years later, in December 1990, the bank was sued. The question is whether that was too late.

FACTUAL…