Legal Definition and Related Resources of Limitation Of Actions

At common law , there is no time prescribed within which a person has to bring his action but limitations of such period have been prescribed by statutes in all jurisdictions. See U.S. v Thompson, 98 U.S. 486, 25 L.Ed. 194. A negative prescription leading to the loss or forfeiture of a right , by the owners neglecting to exercise or prosecute same within the time limit set by statute . See Townsend v Jamison, 50 U.S. 407, 9 How. 407, 13 L.Ed. 194. The policy of the Statutes of limitation is founded on the theory that after a long delay the law presumes that all such claims and demands have been satisfied, paid and settled for. Its purpose is to encourge promptitude in prosecution of remedies. See Riddleburger v Hartford Ins. Co., 74 U.S. 386, 7 Wall. 386, 19 L.Ed. 257.

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Limitation Of Actions in Historical Law

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