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A statute of repose begins to run (i.e., the clock begins to tick) after some triggering event that has nothing to do with the plaintiff's injury. On the other hand, a statute of limitations begins to run?in most cases?as soon as the incident giving rise to the injury occurs.
In Florida, mortgage foreclosure actions are subject to a five year statute of limitations pursuant to Fla. Stat. § 95.11(2)(c). The statute of limitations begins running from the date that the cause of action accrues, which is typically the date of the borrower's default under the note or mortgage terms.
The Statute of Repose is codified at Fla. Stat. 95.031(2). This Statute bars products liability actions 12 years after a product with an ?expected useful life? of 10 years or less is first purchased by a consumer.
Florida's statute of repose is intended to provide finality and certainty to builders and other construction professionals by ensuring that claims are brought in a timely manner, and they are not subject to liability indefinitely.
Section 287.057, Florida Statutes, and Rule 60A, Florida Administrative Code, requires state agencies to acquire commodities and contractual services, in excess of Category Two ($35,000), by competitive sealed bids, request for proposals or by competitive negotiations, unless specifically exempted.
(1) An invoice submitted to an agency of the state or the judicial branch, required by law to be filed with the Chief Financial Officer, shall be recorded in the financial systems of the state, approved for payment by the agency or the judicial branch, and filed with the Chief Financial Officer not later than 20 days ...
Although the 4-year statute of limitations remains, the statute of repose was shortened from 10 years to 7 years. A statute of repose is like a statute of limitations in that it cuts off legal rights if they are not acted on by a specified deadline.
Fla. Stat. § 672.607 Section 672.607 - Effect of acceptance; notice of breach; burden of establishing breach after acceptance; notice of claim or litigation to person answerable over (1) The buyer must pay at the contract rate for any goods accepted.