Everyone is familiar with statutes of limitations under the law: simply, they provide a deadline by which a lawsuit must be commenced and if the plaintiff fails to comply with that deadline, then the court will most likely dismiss the claim. Barrels of ink have been spilled by courts writing about exceptions to the statutes, timing of when claims accrue, if the limitations period is tolled, and whether the statute even applies at all to the denominated claim. But without exception, a statute of limitations can be a very good friend to a business and, managed correctly, can even be a tool to affirmatively manage risk and exposure.
To view the article: Build Your Own Statute of Limitations? A New York Court Gives the Green Light