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Statutes of Repose
09/06/2024
Statutes of Repose
Time, time, time. It’s not always on our side. We are, generally, aware of Statutes of Limitations, which allow only a certain amount of time after a cause of action has accrued to file a lawsuit. So, what if your damages are caused by a latent defect that is only discovered years after the tortfeasor completed work on, say, a house? Since your statute of limitations does not begin to run until the damage is discovered, you’re in the clear right? Not so fast. You may be barred by the running of another time limit: the Statute of Repose. That’s right. This time limit is based on when work was completed, or when a product was sold, not when the loss occurred. On this week’s episode, join and as they dive deep into this crucial, yet often misunderstood, aspect of legal limitations. When does a statute of repose bar recovery on a subrogation claim? How is it fair that the time limit to file the claim could run before the insured could even have known the claim exists? It turns out, the limit does exist, and the clock may have already started ticking.
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