What is the statute of limitations?
The statute of limitations identifies the maximum time after an event when legal action can be taken concerning that event. For example, if you are involved in an accident, there is only so much time you can take before bringing action against those who caused the accident.
This time period varies based on location and the nature of the incident in question. Once a statute of limitations has elapsed, an accident victim will no longer be able to claim compensation from the responsible party.