Opinion ID: 546947
Heading Depth: 1
Heading Rank: 5

Heading: Ill Rev.Stat., ch. 110 p 13-210 provides:

Text: Foreign Limitation. When a cause of action has arisen in a state or territory out of this State, or in a foreign country, and, by the laws thereof, an action thereon cannot be maintained by reason of the lapse of time, an action thereon shall not be maintained in this State. 8 Section 28-3-105 provides, in pertinent part: The following actions shall be commenced within three (3) years from the accruing of the cause of action: (1) Actions for injuries to personal or real property;.... 9 The fact that UST did not seek such equitable relief in Count 14 is understandable in light of the six-year delay which UST allowed before filing suit. In Tennessee, a party wishing to set aside a contract must do so within a reasonable period after the grounds for rescission become apparent. It is a settled rule that the right to rescind a contract for fraud must be exercised immediately upon its discovery, and that any delay in doing so, and the continued employment, use, and occupation of property received under a contract will be deemed an election to confirm it. Russell v. Zanone, 55 Tenn.App. 690, 404 S.W.2d 539, 544-45 (1966) (quoting Landreth v. Schevenel, 102 Tenn. 486, 493, 52 S.W. 148, 149 (1899)); see also Valley Fidelity Bank & Trust Co. v. Cain Partnership, Ltd., 738 S.W.2d 638, 640 (Tenn.App.1987); Crocker, 683 S.W.2d at 340; Williams v. Spinks, 7 Tenn.App. 488, 493 (1929) (a party may lose his right to rescind a contract by not availing himself of his right within a reasonable time after discovering the fraud). Thus, even if UST's prayer was one for rescission, we would affirm the dismissal of Count 14 on these grounds