If a contracting business shut down 7 years ago, can the business insurance carrier still be liable in a suit going back 10 years?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If a contracting business shut down 7 years ago, can the business insurance carrier still be liable in a suit going back 10 years?
Asked on January 6, 2012 under Business Law, Minnesota
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The statute of limitations varies from state to state and also depends on the type of case you have. For example, there is a statute of limitations for personal injury, another for collection of a debt, etc.
A lawsuit can be filed in the state where the plaintiff resides or in the state where the defendant resides or in the state where the claim arose. The statute of limitations may have expired in one state where a lawsuit can be filed, but possibly not in another where the lawsuit could be filed.
If you haven't filed the lawsuit yet and the applicable statute of limitations has expired, then your claim is barred and it is too late to file a lawsuit.
Most likely if you haven't filed the lawsuit and ten years have elapsed, the statute of limitations has probably expired, but without knowing the type of claim you have and the state(s) where it may be possible to file the lawsuit, it is not possible to give a more definitive answer.
If you had timely filed a lawsuit and the company went out of business, that alone does not invalidate the claims in your lawsuit.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.