Statute of Limitations for Commercial Claims
The law makes sure that no one needs to fear the threat of lawsuit for the rest of their lives over one incident. Statute of limitations provide set time limits for different causes of action, and once that time has passed, that claim can no longer be brought in front of a court. Here are the standards for some of the more common commercial claims in New York.
“…[u]nder CPLR §213(2), a claim for breach of contract is governed by a six-year statute of limitations.” Hahn Automotive Warehouse, Inc. v. American Zurich Ins. Co., 18 N.Y.3d 765, 770 (2012).
“The statute of limitations for a cause of action for an account stated is also six years [under CPLR §213(2)], . . . and it accrues on the date of the last transaction in the account.” Elie Intern., Inc. v. Macy’s West Inc., 106 A.D.3d 442, 443 (1st Dept. 2013).
Recovery under quantum meruit is also governed by CPLR §213(2), providing a six-year period during which a claim may be brought. Eisen v. Feder, 307 A.D.2d 817, 818 (1st Dept. 2003).
If you have any legal questions or need help with a statute of limitations, please contact Attorney Scott Lanin at (212) 764-7250 x 201 or use the contact form in the right sidebar.
