What Are Statutes of Limitations? (article)
What Are Statutes of Limitations?
As the name suggests, these laws limit the amount of time a claimant can wait to file a lawsuit. The statutes governing limitations periods vary by state. They also vary by the type of claim.
The type of claim is important for determining when the limitations period begins to run. With few exceptions, plaintiffs are barred from filing a claim if they wait too long after the statute of limitations begins to run.So, for instance, under the law, a person filing a breach of contract claim would have a certain amount of time to file a lawsuit after a contract is broken. Similarly, the law gives a person filing a personal injury claim a certain amount of time to file a lawsuit after being injured.
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