Peterson v. Texas Commerce Bank-Austin, National Ass'n

BEA ANN SMITH, Justice.

Hartwin Ray Peterson, Jr., appeals an adverse summary judgment rendered against him in a deficiency suit on a promissory note. Peterson sought to avoid liability for the debt by pleading the affirmative defense of limitations. At issue is whether, under Texas common law, the pendency of a federal bankruptcy proceeding tolls the applicable state statute of limitations. Holding that it does, we will affirm the district-court judgment.

FACTS

Peterson executed a promissory note that Texas Commerce Bank-Austin, N.A. (the “Bank”), came to own and hold. The note had a final…