DISCLAIMER: The following unofficial case summaries are prepared by the clerk's office
as a courtesy to the reader. They are not part of the opinion of the court.
063440P.pdf 06/29/2007 Great Plains Trust v. Union Pacific RR
U.S. Court of Appeals Case No: 06-3440
U.S. District Court for the Western District of Missouri - Kansas City
[PUBLISHED] [Bowman, Author, with Riley and Arnold, Circuit
Judges]
Civil case - contracts. Section 316(b) of the Trust Indenture Act of
1939 gave plaintiff the absolute right to sue for unpaid interest without
having to first comply with the "no-action clause" of the debenture
agreement; as this case involved a purely economic injury that plaintiff
could only have ascertained at its place of business in Kansas, the Kansas
statute of limitations applies to plaintiff's breach-of-contract claim;
district court did not err in finding the breach of contract claim was
untimely under Kansas law; unjust-enrichment claim was also time-
barred under Kansas law; Kansas law applied to plaintiff's fraud claim
and it was untimely under the applicable two-year Kansas statute of
limitations; plaintiff's tolling arguments are rejected.