Equity — Laches — Death of principal party — Circumstances — Interval of time — Assertion of claim — Claim against decedent's estate — Fiduciaries Act of June 7, 1917, P. L. 447.
1. The rule that equity will not enforce a stale claim is peculiarly applicable where the difficulty of doing entire justice arises through the death of a principal participant in the transaction complained of. [446]
2. The question of laches does not depend, as does the statute of limitations, upon the fact that a certain definite time has elapsed since the cause of action accrued, but upon whether, under the circumstances of the particular case, plaintiff is chargeable with want of due diligence in failing to institute or prosecute his proceeding. [446]
3. In determining whether a person is guilty of laches in prosecuting a claim, it is immaterial that he asserted his rights, if he took no legal steps to establish them. [447]
4. One who asserts an outstanding right against the estate of a decedent must proceed with due diligence within the period indicated as reasonable by the Fiduciaries Act of June 7, 1917, P. L. 447. [446-7]
5. A bill for an accounting of stock, alleged to have been fraudulently sold by the pledgee, will be dismissed for laches where it appears that the plaintiff had knowledge of the sale of the stock almost immediately thereafter and through counsel informed defendant of his claim but did not file his bill until three and a half years after the sale and fifteen months after the death of the pledgee, and the means of fully resisting the allegations of fraud have perished with the decedent. [443-8]
Argued January 30, 1934.
PER CURIAM, March 19, 1934:
This appeal by plaintiff is from a decree of the Court of Common Pleas No. 4 of Philadelphia County dismissing his bill in equity on the ground of laches. Nothing need be added to what has been so well said by the learned judge of the court below in his opinion.
The assignments of error are all overruled and the decree is affirmed on the chancellor's adjudication.