statute of limitations

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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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
For example, four jurisdictions, Arkansas, Missouri, Oklahoma and Texas, have determined that legal malpractice is based in negligence, and therefore a negligence statue of limitation applies.
The statue of limitations has expired, but the evidence is irrefutable.
She was also suspected in the death of a ninth child in 1988, but the statue of limitations expired.
He was freed from prison in 2003 because his lawyers successfully claimed the statue of limitations had run out on the alleged offence.
For Goss to demonstrate the latter, the court admitted evidence from years preceding the period allowed by the statue of limitations. Similarly, Judge Reade allowed testimony on sales other than those for which Goss sought damages, because it might show Goss' reputation forced it to lower prices to win sales -- raising the possibility that dumping by TKS did not cause damages.
If you make a non-cash gift, even if it is within the $11,000 annual gift tax exclusion, it is advisable to file a' gift tax return to start the IRS audit statue of limitations. Otherwise valuation issues may arise after your death.
The statue of limitations has already run out for that allegation.
However, the statue of limitations expired last year.
"The purpose of a statue of limitations is to discourage the presentment of stale claims and to encourage diligence in the bringing of actions.