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Answer: First, a little background: A statute of limitations is a law that limits the amount of time you have to file a lawsuit after you have suffered some type of loss or injury.
Plaintiffs have a limited time in which to file a lawsuit, called a statute of limitations.. Generally speaking, the period of time dictated by a statute of limitations begins when the plaintiff is injured or discovers the injury. Statutes of limitations are established by state law and often vary by type of injury. For instance, the statute of limitations for injuries to an individual in Texas is two years, but five years for sex crimes and one year for libel or slander. It can vary from state to state.