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What is a Statute of Limitations?

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The Daily Ledger · Markets

The lawyer explained that the statute of limitations on the claim had one year left to run.

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Formal definition — The same term, explained the usual way

A statute of limitations is a legislative enactment prescribing the maximum period within which legal proceedings may be commenced after a cause of action accrues. Periods vary by jurisdiction and by the nature of the claim, and accrual may be deferred under a discovery rule where the injury was not reasonably ascertainable. The running of the period may be tolled by circumstances such as minority, incapacity, or the defendant's absence, and certain offences are subject to no limitation period. Expiry generally bars the remedy rather than extinguishing the underlying right or obligation.

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