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 ?
But stopping the clock wouldbe great news for Killie.
Thebe jogged to the finish line stopping the clock at 45.95, Nkobolo who looked comfortable throughout the race won his race in a time of 46.76s, while Scotch crossed the line with 46.42.
He justified the hype with a brilliant all-the-way victory, stopping the clock in 28.74sec.
But Wales-based Darren Campbell could finish only seventh in his 100m heat - won by Frankie Fredericks, of Namibia, in 10.06sec - stopping the clock on 10.19sec.