Toushin v. Ruggiero

Plaintiff filed declaratory judgment action seeking declaration that he had a 50% beneficial interest in two Illinois land trusts in which bank was trustee and Defendant possessed remaining beneficial interest. Plaintiff's claim is time-barred by statute of limitations period in Section 13-205 of Code of Civil Procedure. Evidence at trial showed that Plaintiff knew or should have known of the existence of his injuries outside of 5-year limitation period. Appropriate statute of limitations is determined by nature of liability, which is that Defendant's actions are not consistent with parties' alleged 1994 agreement to each receive a 50% beneficial interest in land trusts, which would give Plaintiff a 50% interest in powers and ownership rights accorded to beneficiary of an Illinois land trust.(DELORT and CUNNINGHAM, concurring.)