Larson & Gaston, LLP

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July 2013 Archives

Sophisticated parties and the delayed discovery rule

As many know, statutes of limitations are deadlines in which one can file a lawsuit. There are situations, however, in which these deadlines can may be extended, and/or even shortened. Generally, in both tort and contract cases, the statute of limitations begin to run upon the occurrence of the last element essential to the cause of action. The cause of action normally accrues when, under the substantive law, the wrongful act is done and the obligation or liability arises. Courts, however, have developed exceptions, one being what is called the "delayed discovery rule." This rule essentially prevents the statute of limitations from running until: 1) the plaintiff actually discovers his or her injury and its negligent cause, or 2) the plaintiff could have discovered injury and cause through the exercise of reasonable diligence.

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