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INGERSOLL-RAND FINANCIAL CORP. v. CALLISON

Nos. 87-5660, 88-5023.

844 F.2d 133 (1988)

INGERSOLL-RAND FINANCIAL CORPORATION, Appellant, v. Russell J. CALLISON, Victor K. Hardin, Gregory M. Hunt and Sharon Smith Hunt, John G. Jackson, Dr. Richard S. Koch, David A. Milne, M. Tabuchi Co., Bachmann, Arnold, Graybill & Craig, a partnership organized for the practice of law, Daniel G. Bachmann; Robert R. Arnold; Jacob S. Graybill; and J.B. Craig, Granco-Martinex 1983 A, a Colorado limited partnership; Martinex Corporation, a Colorado corporation; and Granco Resources Management, Inc., a Colorado corporation.

United States Court of Appeals, Third Circuit.

Decided April 15, 1988.

Attorney(s) appearing for the Case

Joseph L. Cook (argued), Mitchell B. Seidman, Ravin, Sarasohn, Cook, Baumgarten, Fisch & Baime, Roseland, N.J., for appellant.

Morris C. Gore (argued), Dallas, Tex., for appellee Jackson.

Daniel M. Hurley, Hurley & Vasios, P.C., Short Hills, N.J., for appellees Bachman, Arnold, Graybill & Craig, Daniel G. Bachman, Robert R. Arnold, Jacob S. Graybill and J.B. Craig.

Before SLOVITER, STAPLETON and MANSMANN, Circuit Judges.

OPINION OF THE COURT

MANSMANN, Circuit Judge.

In this appeal we review the district court's decision to dismiss Ingersoll-Rand Financial Corporation's diversity action to collect on a promissory note. The action was dismissed in favor of a state court action, in which the federal defendant is the plaintiff, demanding cancellation of the note for violation of state and federal securities laws. We find that forcing the state plaintiff to litigate his securities...

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