Johnston v. Spokane & Inland Empire Railroad

Citations

• 104 Wash. 562
• 177 P. 810
• 1919 Wash. LEXIS 578

Syllabus

<p>Limitation of Actions (56-58) —Discovert of Fraud — Laches. An action for the rescission of the sale of corporate debentures or certificates, misrepresented to be preferred stock, is barred by laches and the statute of limitations, Rem. Code, § 159, subd. 4, limiting actions for relief on the ground of fraud to three years after discovery of the fraud, where the purchase was made in 1997 and action was not commenced until 1915, the certificate on its face recited that it was for “Preferred Rights” issued under a certain by-law referred to and made a part of it, and was neither capital stock nor an incumbrance on real estate and the purchaser was a woman of experience and a skillful investor who could not have been misled and could not have misunderstood the contents of the instrument upon a casual reading of it.</p>