A statute of limitations is the legal deadline for filing a claim, counted from a defined event such as the injury or its discovery. A claim filed after the period can be dismissed whatever its merits.
Periods vary by claim type and jurisdiction, and the rules about when the clock starts, pauses or is extended are detailed. Discovery rules, minority tolling and fraudulent concealment can each move the deadline.
For capital providers the deadline is a hard risk. A position in a claim that is time-barred has no value, so limitation dates are tracked from origination and checked at every servicing review.
A statute of limitations is not a statute of repose. A repose period runs from a fixed event regardless of discovery and can extinguish a claim before the claimant knows of it.
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