Statutes of limitations are deadlines for filing specific types of claims in court, in arbitration, or in other legal proceedings. Statutes of limitations generally require a person or entity to file a lawsuit or initiate an arbitration proceeding within a certain number of years from the date the cause of action accrues or arises—often the date of the injury, whether a physical injury or a breach of contract, for example.

The discovery rule is a judge-made exception to statutes of limitations that stops or “tolls” the limitations period from beginning to run until the person with the right to assert the claim (the plaintiff) has sufficient knowledge to discover the facts regarding the injury or breach.

Similarly, a statute of limitations may be suspended or “tolled”—extending the time period in which the plaintiff may file a lawsuit or make a claim—if the plaintiff lacks the legal capacity to file a lawsuit or make a claim when the cause of action accrues (the person is under a legal disability). For example, if a person’s cause of action accrues when the person is a minor child, the statute of limitations will often by tolled until the child reaches the age of majority (often 18).

In Colorado, statutes of limitations set time limits for filing various types of legal claims. These time limits vary depending on the type of claim. For instance, personal injury claims typically have a two-year statute of limitations, while contract disputes may have a three-year limit for oral contracts and six years for written contracts. The discovery rule in Colorado can toll the statute of limitations, meaning the clock doesn't start until the injured party discovers or should have discovered the injury. This is particularly relevant in cases where the injury or breach is not immediately apparent. Additionally, Colorado law provides for the tolling of the statute of limitations for individuals who are under a legal disability at the time the cause of action accrues. For example, if the injured party is a minor, the statute of limitations may be tolled until they reach the age of majority, which is 18 years old in Colorado. It's important for individuals to be aware of these time limits as failing to file within the statute of limitations typically results in the loss of the right to bring the claim.