Statute of Limitations
noun
A state or federal law that provides the maximum amount of time a party can bring a legal proceeding for a cause of action.
A statute of limitations sets the time limit to file a lawsuit based on either (a) when the party suffered the harm/loss, or (b) when the party knew or should have known of the harm/loss (i.e. “the discovery rule); depending on the type of claim.
Also seen as
- SOL
