Statute of Limitations

Statute of Limitations. A law setting the deadline for filing a lawsuit, measured from when the claim accrued, which is usually when the injury occurred or was discovered. Miss the deadline and the claim is barred no matter how strong it is, though doctrines like tolling and the discovery rule can extend the clock. Different claims carry different periods, often ranging from one to six years. Example: The fraud claim survived because the limitations period did not begin until the investors discovered the falsified statements.