Statute of limitations

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Statute of limitations

A statute specifying the period of time within which legal action must be brought for alleged damages or injury; in construction industry cases.

statute of limitations

A statute specifying the period of time within which legal action must be brought for alleged damage or injury. The lengths of the periods vary from state to state and depend upon the type of legal action. The period commences to run under some statutes of limitations upon the accrual of a legal claim, but in others only upon the time of discovery of the act resulting in the alleged damage or injury.
References in periodicals archive ?
First, if taxpayers are familiar with the three-year statute of limitation and believe this period applies to all returns and in all circumstances, then they may discard the records that support the NOLs too soon.
A question arises about when the statute of limitation starts to run if an individual has income from a passthrough entity.
After three years of litigation, the trial court granted summary judgment in favor of the appraiser defendants, and ruled that the statute of limitations had expired on the bank's negligence claim.
19) This note then examines the analysis of jurisdictions outside of South Dakota that allow compulsory counterclaims to relate back, simultaneously preserving the purposes of a statute of limitations.
Exceptions to a strict application of the statute of limitations have developed, which would toll the limitation for certain equitable reasons.
In one respect, Oregon law already accounts for the possibility of fresh evidence in rape cases: The statute of limitations is waived if DNA evidence identifies a rape suspect.
33) These included a new statute of limitations, which replaced the old five-year period found in the Public Disclosure Act.
Tax accountants are generally very familiar with the federal rules regarding the statute of limitations for filing annual tax returns and with enforcement of federal tax laws, but they might not realize that state tax laws regarding the statute of limitations vary and that individual states might carve out special situations that extend or toll the statute.
Not only is that interpretation not consistent with the governing statute and the terms of the Standard Flood Insurance Policy, but combined with relief granted by FEMA to Sandy victims extending the deadline for submitting proof of loss statements, could leave homeowners in a Cycatch-22': Hurry up and file a lawsuit, which would require submitting a proof of loss and thus making FEMA's proof of loss extension meaningless; or wait to submit a proof of loss and obtain a final determination and hope that the court overrules FEMA's interpretation of the statute of limitations," say the senators.
There is no statute of limitations on murder in the UK.
The courts have grappled with whether this additional one-year extension of statute of limitations for preference and other avoidance actions can be triggered by the appointment of an interim trustee under Section 701 of the Bankruptcy Code, or whether the election or appointment of a permanent trustee under Section 702 is required to trigger the extension.
51) The first American criminal statute of limitations appeared in the Colony of Massachusetts in 1652.