What is Statute of Limitations?
Wikipedia discribes: Statutes of Limitations is a statute in a common law legal system that is designed to set forth the maximum period of time that a certain legal proceeding based on certain events may be commenced.
A Statute of limitation is basically the amount of years that an individual or a business has to proceed with a legal claim. If the statute of limitation has ran, that individual or the business will not be able to use the legal system to bring a small claims suit. For example, if you are involved in an auto accident in the state of Alabama and have suffered property damages, you would have six years to file a small claims in order to recover property damages.