What You Need To Know About New Jersey’s Statutes of Limitations for Common Business Disputes
To preserve your legal rights and claims, it is imperative to commence a business litigation within the applicable statute of limitations. Each state has enacted statutes prescribing a period of limitation for the bringing of certain types of legal action, with the goal of putting adversaries on notice and encouraging the resolution of legal claims within a reasonable amount of time. Absent legal authority, courts are unable to extend the time for filing suit, often leaving tardy plaintiffs with limited legal remedies.
Negligence: Two years for personal injury claims and six years for property claims.
Trade Secret Misappropriation: Six years.
The statute of limitations begins to run from the time when the plaintiff’s cause of action accrues, typically when the act or omission giving rise to the claim occurred. However, New Jersey has adopted the discovery rule, an equitable rule that delays the accrual of certain actions until the plaintiff discovers, or reasonably should have discovered, facts that form the basis of a cause of action or provide a basis for an actionable claim.
The legal doctrine known as “tolling” allows for the pausing or delaying of the running of the statute of limitations period until a specified legal event occurs. For example, when the claimant is a minor, certain statutes of limitations may be tolled until he or she reaches the age of majority. Parties can also agree to enter into a tolling agreement to delay the running of the statute of limitations.
Determining statutes of limitations that apply can be a complex task. Because time is of the essence when pursuing legal claims, it is advisable to contact an experienced attorney as soon as you suspect you may have a claim. Further, an experienced attorney should be consulted before entering into a tolling agreement relating to relevant claims.
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How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide
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What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
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