Statute Of Limitations

Filed Under »
Dictionary Says

Definition of 'Statute Of Limitations'

A statute of limitations is a law which sets out the maximum time that parties have to initiate legal proceedings from the date of an alleged offense. The precise form of a statute of limitations differs from one jurisdiction to the next. In general, the length of time allowed under a statute of limitations varies depending upon the severity of the offense. For example, breach of contract cases may only be brought within a few years after the event. However, cases involving serious crimes like murder typically have no maximum time period under a statute of limitations.
Investopedia Says

Investopedia explains 'Statute Of Limitations'

A statute of limitations is sometimes controversial due to cases where legal action cannot be brought against an offender because the maximum length of time has elapsed. Proponents of a statute of limitations argue that, for practical reasons, it is most equitable to limit the initiation of legal proceedings to a reasonable period after the event. As time goes on, important evidence may be lost and the memories of witnesses can grow foggy. Legal proceedings brought under these circumstances may not be fair to all parties.

Related Definitions

Search results for

'Statute Of Limitations'

  • Series 63 Study Guide - Administrative Provisions and Other ...

    http://www.investopedia.com/exam-guide/series-63/administrative-provisions/civil-liabilities.asp
    In this section: several instances in which a client may sue and calculation
    for damages, investment advice and the statute of limitations. ...

  • Series 63 Study Guide - Administrative Provisions and Other ...

    http://www.investopedia.com/exam-guide/series-63/administrative-provisions/criminal-penalties-provisions.asp
    Investopedia's Series 63 online Study Guide. In this section criminal penalties,
    conviction, statute of limitations and other provisions. ...

  • Dawn Of The Zombie Debt

    http://www.investopedia.com/articles/pf/06/zombie-debt.asp
    ... Zombie debt is years old - often past the statute of limitations for you to be held
    legally responsible it - and it is entirely owned by a debt collection ...

  • Series 66 Study Guide - Remedies and Administrative Procedures ...

    http://www.investopedia.com/exam-guide/series-66/administrative-procedures/criminal-liabilities-penalties.asp
    ... Advertisment - ExamPrep continues below. Statute of Limitations The statute
    of limitations for criminal penalties is five years. ...

  • Series 66 Study Guide - Remedies and Administrative Procedures ...

    http://www.investopedia.com/exam-guide/series-66/administrative-procedures/investment-advice-rescission-penalties-liabilites.asp
    ... Statute of Limitations Once a person discovers a violation of the USA, he or she
    has two years to sue, or three years from the date of the initial transaction. ...

  • Outfox The Debt Collector's Hounds

    http://www.investopedia.com/articles/pf/08/deal-with-debt-collectors.asp
    ... Some debts that collectors claim you owe might not be legitimate because of identity
    theft, billing errors or an expired statute of limitations. ...

  • Audit Stories You Won't Believe - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/0210/Audit-Stories-You-Wont-Believe.aspx
    ... However, "if no return is filed, there's no statute of limitations. The IRS can
    come after the taxpayer at any time, even many years later.". ...

  • Fighting Back Against Collection Lawsuits

    http://www.investopedia.com/articles/pf/09/fighting-collection-lawsuits.asp
    ... If the consumer finds a lawyer with some experience in the area, the lawyer may
    find a legal defense, say the statute of limitations, that provides greater ...

  • When You Can't Pay Uncle Sam

    http://www.investopedia.com/articles/tax/09/cant-pay-uncle-sam.asp
    ... payment. Your account will stay with the ACS for up to 10 years, until the
    statute of limitations runs out on your tax debt. However ...

  • Whose Fault Is Identity Theft? - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/1111/Whose-Fault-Is-Identity-Theft.aspx
    ... In any event, you'll need to be able to prove damages, and file your lawsuit
    before any applicable statute of limitations runs out. ...

Related Articles

Partner Links