John Stephen Thorne v. Union Pacific Corporation, et al.

Thorne initiated a declaratory judgment action seeking inter alia declarations that he owned the stock certificate issued by a predecessor-in-interest to Union Pacific and the current value of those shares. The District Court held that Thorne commenced his action within the 4-year limitations period established by the controlling Texas statute. This case presents the issue whether the equitable defense of laches (unreasonable, prejudicial delay in commencing suit) may be employed to bar relief on Thorne’s legal claims despite the action being commenced within the limitations period.