Statute of Limitations
What does "Statute of Limitations" mean in law?
A statute of limitations is a law that sets the maximum time period within which a party must initiate legal proceedings from the date the cause of action accrued. Once the limitations period expires, the claim is time-barred. Limitation periods vary by claim type: personal injury (typically 2-3 years), contracts (4-6 years), and property (often longer). The discovery rule tolls the statute until the plaintiff knew or should have known of the injury. Statutes of limitations promote finality and protect defendants from stale claims.
Definition
A statute of limitations is a law that sets the maximum time period within which a party must initiate legal proceedings from the date the cause of action accrued. Once the limitations period expires, the claim is time-barred. Limitation periods vary by claim type: personal injury (typically 2-3 years), contracts (4-6 years), and property (often longer). The discovery rule tolls the statute until the plaintiff knew or should have known of the injury. Statutes of limitations promote finality and protect defendants from stale claims.
Example
A patient discovers medical malpractice five years after a surgery. If the statute of limitations is two years from discovery, the patient has two years from the discovery date to file suit.