Limitations, Statute of

Limitations, Statute of -

On account of the frailty of human memory and the uncertainty attached to long-deferred claims, all civilized countries have established limits within which rights may be litigated, the law defining them being called the Statute of Limitations. The statute begins to run when the right is complete, i. e., when the money claimed is due and payable, subject to certain exceptions in favor of minors, persons beyond seas and those non compos mentis. After it begins to run, it is not stopped by anything except a payment on account, or an acknowledgment of the debt accompanied by an express promise to pay it, which, in some States, must be in writing. In either event, the debt is said to be "revived" and the statute commences to run anew from the date of such revival. The limitation, being regulated by the various State Legislatures, differs widely throughout the United States.

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