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Answer: First, a little background: A statute of limitations is a law that limits the amount of time you have to file a lawsuit after you have suffered some type of loss or injury.
What is a Statute of Limitations? In every state, different causes of action have different statutes of limitations. A statute of limitations is a law which says how long a person can wait before bringing a lawsuit. Statutes of limitations are extremely important â if a person does not bring a lawsuit within the set period, they may lose their right to do so forever.