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From the first year of law school, attorneys know that one of the first things they must determine when responding to a complaint is whether the claims are time-barred, either by an applicable statute of limitation, or statute of reposeFrom the first year of law school, attorneys know that one of the first things they must determine when responding to a complaint is whether the claims are time-barred, either by an applicable statute of limitation, or statute of repose. . Most attorneys are familiar with equitable tolling of limitation periods, but product liability attorneys and their clients are often less acquainted with tolling or revival of periods of repose through post-sale actions by the manufacturer or seller of the product at issue. Statutes of repose, like statutes of limitation, vary from state to state, but generalities about the effect of post-sale manufacturer or seller conduct have emerged. This article discusses the emerging law and concludes with some advice on how to foresee and deal with that law.
What Is a Statute of Repose?
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The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
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