statute of limitations

statute of limitations definition - business

statute of limitations

The time limit established by law to enforce certain rights or to file lawsuits. For example, a taxpayer has three years from the filing date to collect a tax refund. A Colorado resident has two years to file a medical malpractice suit.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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