What is statue of limitation all about?

That is how long the police have to arrest you on a crime, such as 5 years.

The Statute of limitations is a limit on how long you can wait to file a lawsuit. If it is too long ago then the defendant can object and get the case dismissed.

The statute of limitations is how long a person has to be charged with a crime before the state or federal government is no longer legally allowed to press charges. The statute varies by crime and state, and some crimes, such as murder, have no statute of limitations. Furthermore, certain conditions, such as leaving the state, can cause the statute to toll, which means that it cannot expire until the person has returned to the state.

It refers to the time that a party has to bring charges or file suit against another party.

The statute of limitations requires that if a case is going to be initiated, it happen within a set number of years after the event. Examples: civil - in OK, if someone is in a car wreck and no settlement is reached on damages, a lawsuit must be filed not later than two years after the first day of the incident which caused the harm. Failure to settle or file the suit within two years can mean no recovery ever. criminal - certain crimes have a five year SOL. If charges are not filed within five years of the date of the crime, charges can not successfully be brought. If later filed, the SOL is a valid defense to the prosecution going forward.

A statute of limitation is the maximum time allowed in which to file a lawsuit after an event occurs in a civil action or the maximum time in which the prosecuting attorney must file charges after a crime occurs in a criminal action.