Statute of limitations (redirected fromStatute of limitation) Also found in:Dictionary,Thesaurus,Medical,Legal,Financial. A statute specifying the period of time within which legal action must be brought for alleged damages or injury; in construction industry cases. ...
•Claims for the recovery of land: 12 years commencing from the date when the right accrued (30 years if the claim is against the Crown). •Claims by a beneficiary against a trustee for fraud, fraudulent breach of trust or the recovery of trust property have no specified limitations, bu...
There is also no statute of limitations for an employer who fails to turn over trust funds for payroll taxes collected from employees.The statute of limitations may be extended to 7 years for certain bad debts or securities, since it is difficult to sometimes determine when a debt or security...
the late fourteenth-century poet and moralist, certainly recognises in the above quote that merchants depended upon debt and perceptively identified the fragility of a commercial system that hinged upon