statute of limitationsstatute of limitations
- a statute limiting the period within which a specific legal action may be taken
- the period itself
statute of limitations
nounpl. statutes of limitations
A legal restriction, as by law or court decision, on the time that is allowed to elapse between the arising of a legal claim and the filing of a suit based on such legal claim.
(plural statutes of limitations)
- (law) Any law that sets a time limit, after which a person may not be tried for a crime, or after which some other legal action may not take place.
statute of limitations - Investment & Finance Definition
- A legal time limit, after which certain types of lawsuits may not be filed.
- A time limit, after which a government agency may not pursue certain regulatory actions. For example, the Internal Revenue Service (IRS) has three years to audit tax returns and assess back taxes if mistakes are found; however, that statute of limitations doesn’t apply in cases of fraud.
statute of limitations - Legal Definition
Law governing time permitted for filing various types of lawsuits, differing from state to state and as to type of matters; for example, states’ statutes of limitations for filing a negligence action may vary from one to three years, a claim for breach of contract may have a statutory limit of some other amount of time; in all cases, statutes of limitations are specifically set forth and are strictly enforced; failure to comply by even one day will result in dismissal of lawsuit.