What You Need To Know About New Jersey’s Statutes of Limitations for Common Business Disputes
To preserve your legal rights and claims, it is imperative to commence a business litigation within the applicable statute of limitations. Each state has enacted statutes prescribing a period of limitation for the bringing of certain types of legal action, with the goal of putting adversaries on notice and encouraging the resolution of legal claims within a reasonable amount of time. Absent legal authority, courts are unable to extend the time for filing suit, often leaving tardy plaintiffs with limited legal remedies.
Negligence: Two years for personal injury claims and six years for property claims.
Trade Secret Misappropriation: Six years.
The statute of limitations begins to run from the time when the plaintiff’s cause of action accrues, typically when the act or omission giving rise to the claim occurred. However, New Jersey has adopted the discovery rule, an equitable rule that delays the accrual of certain actions until the plaintiff discovers, or reasonably should have discovered, facts that form the basis of a cause of action or provide a basis for an actionable claim.
The legal doctrine known as “tolling” allows for the pausing or delaying of the running of the statute of limitations period until a specified legal event occurs. For example, when the claimant is a minor, certain statutes of limitations may be tolled until he or she reaches the age of majority. Parties can also agree to enter into a tolling agreement to delay the running of the statute of limitations.
Determining statutes of limitations that apply can be a complex task. Because time is of the essence when pursuing legal claims, it is advisable to contact an experienced attorney as soon as you suspect you may have a claim. Further, an experienced attorney should be consulted before entering into a tolling agreement relating to relevant claims.
Reputational Risk and Legal Exposure: Why New Jersey Businesses Must Manage Them Together
New Jersey businesses must manage legal and reputational risk together because modern disputes play out on two fronts at once: the legal proceeding itself and the court of public opinion, where customers, employees, investors, and business partners often reach conclusions long before a judge or jury has had the opportunity to evaluate the facts. Success […]
Eviction Is Not Always the End: Understanding Post-Possession Rent Claims in New Jersey and New York
No. An eviction does not automatically end a tenant’s obligation to pay rent. Post-eviction rent claims are common because recovering possession resolves who has the right to occupy the premises, but it does not extinguish the tenant’s contractual obligations under the lease. Whether unpaid or future rent remains owed depends on three factors: the lease’s […]
Company Dissolved? Legal and Financial Consequences to Expect
A company is dissolved; legally, it ceases to exist. Accordingly, dissolution results in significant legal and financial consequences. It is a process that must be properly managed to avoid continuing liability. The Corporate Dissolution Process Corporate dissolution is the legal process of formally closing a corporation, paying its debts and distributing the remaining assets. Most […]
The Legal Implications of Signing a Triple Net Lease
A triple net lease is a commercial lease in which the tenant pays the property’s real estate taxes, insurance, and maintenance costs, known as the three nets, in addition to base rent. They are most often used in freestanding retail and office buildings and in large single-tenant industrial properties, with terms that typically run 10 […]
When to Settle and When to Fight: A Litigator's Framework
Every lawsuit comes with a cost, and knowing when to settle a lawsuit is one of the most consequential decisions a business owner will face. Experienced litigators understand how to minimize cost and obtain certainty for their clients. For many business owners, the decision is viewed almost entirely through a financial lens: What will it cost […]
Types of Business Law Services Companies Actually Use
Business law services are legal services that help companies form, operate, transact, protect assets, manage risk, and resolve disputes. The phrase can sound broad because it is broad. A company may need help with entity formation one month, contract review the next, a commercial lease after that, and a business dispute later in the year. […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
