statute of limitations

(redirected from Waiving the Defense)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.

statute of limitations

State and federal laws that place a time limit on the ability to make certain claims in a lawsuit.The various statutes are usually fairly clear and might provide 6 years for breach of contract, 2 years for negligence, and 10 years for rights to real property.The part that causes all the litigation is the question of “when does the time period start to run?”As a general rule of thumb, the clock starts ticking when there has been a harm that would give rise to the ability to sue. If a stairway is erected improperly in year 1,but there is no way to know this until it collapses in year 5, then the statute of limitations begins to run in year 5.

References in periodicals archive ?
The position of the guarantee is waiving the defenses of avoidance, the off and on prior failed ( 770, 771 BGB).
The guarantees are to be submitted to the client for free as a perpetual, absolute bank guarantees waiving the defenses under 770 and 771 BGB.
The undertaking shall be in writing with the express provision that the guarantee is subject to German law, to issue waiving the defenses set off of the appeal and the benefit of discussion ( 770, 771 of the Civil Code); they must not be limited to certain time and must provide the court of jurisdiction the seat of the principal.