ALBANY — Clarifying New York’s “borrowing statute,” the Court of Appeals yesterday held that a nonresident plaintiff’s breach of contract claim is subject to the statute of limitations of its home state.

Although the disputed contract was negotiated, signed and carried out in New York, the Court rejected a “grouping of contacts” analysis and held that a nonresident plaintiff’s cause of action accrues where it suffers the economic injury, generally its state of residence.

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