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VANCE v. SCHULDER

547 S.W.2d 927 (1977)

Woodson H. VANCE, Petitioner, v. Emanuel SCHULDER et al., Respondents.

Supreme Court of Tennessee.

March 14, 1977.

Attorney(s) appearing for the Case

Robert H. Goodall, Gallatin, James Donoho, Hartsville, Arthur E. McClellan, Gallatin, for petitioner.

James M. Manire, William W. Dunlap, Jr., Memphis, for amicus curiae Lloyd E. Clarke.

Herbert R. Rich, Nashville, for respondents.

George E. Morrow, Martin, Tate, Morrow & Marston, James W. McDonnell, Jr., Marion S. Boyd, Jr., Susan M. Callison, Canada, Russell & Turner, Memphis, for amicus curiae Kemmons Wilson, Wallace E. Johnson, Harris, Kerr, Forster & Company.

OPINION

FONES, Justice.

The principal issue in this Court is the appropriate statute of limitations applicable to a suit based upon alleged fraudulent representations said to have induced the sale of stock for less than its value.

The five (5) individual defendants were the directors of Hartsville Manufacturing Corporation and of Consolidated Merchandising Corporation. Defendants owned substantially all of the stock of Consolidated Merchandising...

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