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The statute of limitations is a defense that is ordinarily asserted by the defendant to defeat an action brought against him after the appropriate time has elapsed. Therefore, the defendant must plead the defense before the court upon answering the plaintiff's complaint.
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.