It is important to know your limitation period when you are looking at litigation (or suing someone). If you miss your limitation date, you may lose your ability to have the courts award you damages that you may deserve.
A limitation period is a time limit within which you can a civil action must be commenced. For example, if you get rear-ended in your car, you have two years from the date of the accident to sue. The rule is that you have two years starting from the time something happens to you or two years starting from the time when you ought to have known something happened to you. After you make the claim, then you have another year to serve the person who damaged you.
Jeffrey Kahane of Kahane Law Office.