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| {{g}}''Not to be confused with that monstrous eulogy to Schadenfreude, the [[statue of limitations]].'' | | {{essay|contract|Limitation Act|{{image|rhubarb|jpg|Mrs. Boycott}}{{small|80}}{{subtable|'''Section 6 in a nutshell''': |
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| The [[Limitation Act 1980]], known fondly as the [[statute of limitations]], is a piece of UK legislation dealing with limitations on legal claims under {{tag|contract}}s, {{tag|tort}} and so on.
| | {{S6 Limitation Act 1980 nutshell}}}} |
| | {{subtable|'''Section 6 in all its glory''': |
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| *'''Tort''': An action founded on tort shall not be brought after the expiration of '''six years''' from the date on which the cause of action accrued: Section 2.
| | {{S6 Limitation Act 1980}}}}</div> }} |
| *'''Contract''': Claims on a [[simple contract]] are limited to '''six years''' from the date the [[cause of action]] accrued: Section 5.
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| *'''Defamation and malicious falsehood''': no such action shall be brought after the expiration of '''one year''' from the date on which the cause of action accrued.
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| See the [http://www.legislation.gov.uk/ukpga/1980/58 text in the act itself] for more [[tedious]] detail about what happens in the case of personal injury or death.
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| Of course, what we finance types care about are claims under ''{{t|contract}}s''. About those, and that curious expression “[[simple contract]]s”
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| ===“[[Simple contracts]]”===
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| {{simplecontract}}
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| This was designed to ameliorate the [[common law]] position<ref>{{cite1|Re Brown’s Estate|1893|2Ch|300}}</ref>, that a loan repayable on demand or without a specific repayment date is treated as being repayable immediately, and the [[limitation period]] runs from the day it is advanced. This is an utterly bonkers decision, by the way. It means if you ask for repayment on the day before the limitation period kicks in you must immediately launch court proceedings to recover it.
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| Anyway, all fixed now: If you don’t have an obligation to repay the money at a particular time, absent a demand, the [[limitation period]] only starts to run from the date of demand.
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| ===Reform===
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| Lots of good fun, particularly in the area of latent defects in the construction of houses, for forensic examination of precisely when a cause of action accrues, of course. The [[Limitation Act 1980]] was the subject of a 320 page law commission monograph in 2015<ref>[http://www.lawcom.gov.uk/app/uploads/2015/03/lc270_Limitation_of_Actions.pdf knock yourself out].</ref> so clearly ''someone'' sees the opportunity to change the law. But at least it is better than it was after {{cite1|Re Brown’s Estate|1893|2Ch|300}}.
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| {{sa}}
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| *[http://www.legislation.gov.uk/ukpga/1980/58 Text of the Limitation Act]
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| *[http://www.lawcom.gov.uk/app/uploads/2015/03/lc270_Limitation_of_Actions.pdf Law Commission bunker-buster from 2015]
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| *[[Statue of limitations]]
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| {{c2|Contract|UK Legislation}}
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| {{ref}}
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