Does the statute of limitation apply to what would have been an action at law as to a suit in equity?

MultiRegion, United States of America

The following excerpt is from Moviecolor Limited v. Eastman Kodak Company, 288 F.2d 80 (2nd Cir. 1961):

This seems quite as applicable to what would have been an action at law as to a suit in equity; indeed, the sentence follows immediately upon a reference to borrowing in "action at law." And, 327 U.S. at page 397, 66 S.Ct. at page 585, after stating that Bailey v. Glover, supra, "is read into every federal statute of limitation," the opinion goes on:

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