McKeown

James and Jacqueline McKeown appeal from summary judgment entered against them and in favor of respondent First Interstate Bank of California (First Interstate). That judgment was granted on the ground that appellants’ causes of action for fraud, breach of fiduciary duty, negligent misrepresentation, intentional infliction of emotional distress, negligent infliction of emotional distress, and negligence, were all barred by the applicable statutes of limitations. Appellants contend that the trial court’s determination was in error based on their assertion that their causes of action against respondent did not accrue until appellants suffered “appreciable harm” as a result of the tax court decision.

Appellants’ suit against First Interstate is based upon representations which they allege First Interstate made in connection with its loan to them of $120,600, in December 1971. Appellants borrowed the money in order to purchase the remaining 75 percent of the stock of an automobile dealership corporation in which they already owned 25 percent of the stock. Appellants allege that First Interstate assured them that they would incur no tax liability for payments made by their…