Law360, New York (July 14, 2010, 2:37 PM EDT) -- On Aug. 1, Minnesota will lose its dubious distinction as a forum shopper’s Shangri-La. Minnesota Statute § 541.31 will at long last shut the courthouse doors on claims — by nonresidents — which arise under the laws of other states and are barred as untimely in those states, yet which remained viable under Minnesota’s generous six-year limitations period. See Minn. Stat. § 541.31 (2009).
Section 541.31, also known as the “borrowing statute,” provides, in pertinent part:
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.