A statute which limits potential liability by limiting the time in which a suit can be brought. A statute of limitation is a statute of repose. Generally, the purpose is to prevent stale claims that would substantially prejudice the defendant.
Legal protection from prosecution or damages that result from the failure of a project completed in the distant past. A statute of repose protects participants in the project (for example, a heart valve manufacturer for its old, currently obsolete heart valves) for a specified number of years after the valve is no longer made, sold, or used in patient care.