According to the New York City Bar in their article “Statutes of Limitations,” a statute of limitations is a time limit an individual has to file a claim against another person, company, or entity. 

“A statute of limitation is a law that limits the time period within which you may sue a person or company. There are different statutes of limitations for various types of lawsuits,” the New York City Bar said.

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Article with all rights reserved, courtesy of the New York City Bar —- https://www.nycbar.org/