Accounting, financial and tax file type. qfx file icon: The qfx file extension is associated with Quicken, a personal finance management tool developed by Intuit, Inc, which is available in both Windows and Mac Versions. The QFX format is financial data format used for importing data into Quicken financial software.
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.
If the defendant does not do so, he is regarded as having waived the defense and will not be permitted to use it in any subsequent proceedings. Statutes of limitations are enacted by the legislature, which may either extend or reduce the time limits, subject to certain restrictions. A court cannot extend the time period unless the statute provides such authority.