What is a SOL (Statute of Limitation)?
A SOL (Statute of Limitation) is a time limit for filing a lawsuit on a specific claim that begins to run, or is triggered, when the cause of action arises. When a cause of action “occurs” varies on the state in question, but it is normally when an accident occurs or a claimant “discovers” the ensuing injury. While a statute of limitations applies when a claim is made, a statute of repose prohibits the filing of a lawsuit after a certain length of time, regardless of whether a harm happened or a claim was made.
A statute of repose establishes a time limit for filing litigation that is triggered by a certain event, such as the significant completion of an improvement to real property, the date a product was utilized, or the date a product was sold. Currently, all fifty (50) states have statutes of repose, which differ in terms of both the type of claim covered by the statute and the length of the rest period. A statute of repose applies in 46 states to activities involving real property design, engineering, and construction. Nineteen (19) states, however, have statutes of repose that limit product liability lawsuits.
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Chad T. Wilson is an attorney whose firm specializes in property insurance disputes.« Back to Glossary Index