statute of limitations

Legislation that sets a timeframe (limitations period) within which affected parties must take action to enforce their rights or to seek redress after a damage or injury. This period varies according to the nature of the case. Its objective is to encourage diligent prosecution of certain offenses while evidence is available and fresh, and thus ensure finality and predictability in litigation. It is generally not applicable to cases involving fraud and murder. Also called limitation of liability act. See also laches and occurrence rule.