The Meter is Running
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41 legal experts on game-changing laws, rules, and cases
AUTHORJulie Schechter, Partner, Montgomery McCracken
PAGE #p. 42
CPLR SEC. 213(2)
Statutes of limitations are laws that set the maximum time after an event within which legal proceedings may be started. If the specified period of time has passed, a claim might no longer be filed, or, if filed, it may be struck down.
"When you walk around the city today, you see these beautiful new condominium buildings. And if you’ve ever gone inside them, you’ll see that they’re built immaculately, with beautiful furnishings and appliances – and it’s tempting to buy one. Unfortunately, no building is ever built perfectly, and often these buildings have construction defects that wind up being very problematic, no matter how much you spent on your apartment. Boards have a limited amount of time to uncover these defects and get the sponsor to correct them. In a new building, no matter how beautiful or expensive, the clock starts ticking when the first apartment is sold."
To read the full lecture, visit: http://bit.ly/JSchechter