Time Limits for Commencing Legal Proceedings-Statute of Limitations Essentials

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“This video. I want to take a look at nsomething that affects everybody who considers considers or is considering bringing nsome sort of a legal claim or commencing legal proceedings wrong. And that is nthe statute of limitations. Which set out the time limits.

Within. Which you must nbring legal proceedings. Or you will find that your case is statute. Barred so nlet s have a look firstly.

There are various time limits set out in statute nfor example in the statute of limitations act. 1957. As amended by the nstatute of limitations amendments acts of 1991 or 2000. There s also time limit nset out in the civil liability act of 1961 island liability for defective nproducts act of 1991 i m in the civil area looking at courts act of 2004.

But nthe sanction essence of what i am saying in relation to statute of limitations is nthat. You must bring your claim within the period specified or you ll be nstatute. Barred and the person against whom you re bringing the claim would nhave a good defense. That is that you are on time.

So. If an action is not commenced nwithin. The limitation period. You know become statute barred on the defendant.

Nwill have a good defense to the claim. The limitation period is a stated period nof time the expiry of which extinguishes party s legal remedies. And also in some ncases of parties and legal rights. So when does time begin to start running in ngeneral and calculating the time period.

It commences on a date that the cause of naction occurred. There are exceptions to this however. If a plaintiff is under a ndisability for example. The plaintiff may be in the hospital may be a minor or may nhave some other disability.

Which prevents them from bringing a claim they nmay fall into the category of exceptions. Which are allowed where the defendant is ndeceased. There s a different i m living alone the time limits then a ntort is civil wrong. Generally the limitation period for bringing legal naction founded on a breach or on a tort is six years nhowever torts such as negligence nuisance or breach of duty and involving na personal injury or an action for slander have different limitation nperiods.

So an action for a personal injury must be brought within two years nof. The date on which the cause of action accrued or to date. And which the nplaintiff first had knowledge of the injury that the injury was significant nand. The identity of the defendant.

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So it may well be the case that you have nsuffered an injury. But the symptom symptoms of the injury may not manifest nthemselves for some time for example if your injury or psychology or psychiatric nit may well be the case only the physical injury they may not manifest nthemselves for a while after a particular accident or an incident. So nit s the days in which the plaintiff. That s you and first hand knowledge of nthe injury that the injury was significant and you knew the identity of nthe defendant.

Requisite knowledge. Then so when you had requisite knowledge of nthe injury. That s defined in section. 2 of the statute of limitations amendment nact of 1991 in fatal injury.

Cases. The action must be brought within two years nof. The date of death in an assault claim a civil claim for assault. You must bring nclaim for trespass as a person or assault and battery within six years of nthe accrual of the cause of action.

So that would be within six years of the nassault. A defamation case that must be brought within 12 months of the libel or nslander defamation is a possibility however having this extended two years non application to the court. You will need reasonable grounds or nexceptional circumstances to put forward as to why you were not able to bring nyour claim. However within the 12 month settle in the defamation act of 2009 ncontract cases.

Then can be brought within six years of the breach of ncontract so a debt situation. If somebody fails to pay you for what you ve carried nout for service. You ve provided for example. If you ll be a small mill or a npaint or decorate or whatever you re six years from the date that the money nbecame jew inhalation.

However two defective cars. You must bring the claim nwithin two years of the date on which the cause of action. Accrued defective nproducts. Then actions must be brought within three years of either a today an naccrual of the cause of action or be the date on which you had knowledge of the ndefect damage producer of the product.

So whichever of doors is the later in three nyears from that point in relation to recovery of land. If you have an action nillegal action for recovery of land. It must be brought within twelve years from nthe accrual of the rate of action and actions against the estate of a deceased nperson must be brought within two years of the death of the deceased person when nhis time begins iran it begins to run from the date of naccrual of the cause of action. This time.

However can be extended in exceptional ncircumstances for example if there was fraud involved in other words. The ndefendant fraudulently concealed from you that to his own cause of action narising due to their fraud. You were unable to discover that you know there nwas a cause of action opened to you or another exception will be in situations nperhaps. A mistake or where the plaintiff is under a disability time stops running nthat or legal proceedings.

Have been instituted in other words in district ncourt. It s when the claim notice. Or summons is sent to the defendant and in nthe circuit. Court in high court.

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It s when legal proceedings have been issued nout of the relevant office that is the relevant circuit court noffice or central office of the high court as i said at the outset. The nplaintiff reserves. The right to bring nigger proceedings. Even if the statute nbarred another time.

However. The defendant will have a good defense. If he npleads statute of limitations as a defense because in these circumstances nthe. If the proceedings were commenced over time then they will be probably in nalmost certainly statute bird.

But the court cannot consider whether the case nis statute barred or not or an s. The defendant has pleaded the statute of nlimitations in their defense hope you find this video useful if you do give nthumbs up down below. And you might be ation in the header and define it somewhere else it only builds in that one object and doesn t give you the multiple build. So it s only it s only in this object.

Before i did introduce the utilities up cvp. It was trying it was basically building on both of these and running in the duplication error. So since we didn t want that we just do a whole nother. Another one so there you go i hope you guys found this informative and look out for episode two will talk about more common c.

Errors. Don t forget to subscribe like this video and all that good stuff. I appreciate any support i can get this is a rather new channel. Still i d like it to continue growing and to get a community and hopefully we can get more people interested in coding and i m trying to make videos.

Where it can make it fun too and coding is a rather important thing in our day and age and a lot of people plan intimidating and i can see why it is rather frustrating sometimes so i ll u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 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u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 in a lot of cases serves as a place to warehouse money that they can get their hands on a relatively short order so yep so once processed the the life insurance company sends the money to policyholder and that can happen. A couple different ways could be a check that s mailed to them could be sent over electronically through an eft if if for some reason. The policyholder requests. It and is generally willing to pay the fee it can be wired.

But eft is being what they are today they re the the wiring of money is pretty low use pretty rare that we might encounter that yeah pretty pretty rare and then the policyholder has the money and the policyholder can do with that money whatever he or she sees fit to do with it. The the insurance company is not going to send a a payment. Booklet or any sort of repayment schedule to the policyholder. And this is a critical aspect.

Because a lot of people think. It s a loan therefore. I m going to need to make a repayment to it right in the most absolute terms. Yeah.

I d be a good idea to make a repayment to it. But it s not it s not required in the same sense that a traditional bank loan. Corrects. Required you will not receive any sort of repayment schedule and loans that are issued from life insurance companies are not amortized in the same sense that they are from a traditional bank loan um.

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Life insurance policy loans accumulate interest and more of a simple interest aspect. That is is assessed against the policy. Once per year now depending on the type of life insurance policy. You have in the way that interest is charged or accumulated.

It may differ. Some insurance companies charge interest in advance. So as soon as the loan is originated and at the beginning of every single policy year. The insurance company just assumes that the loan will continue for the rest of the policy year and they will charge all of the interest upfront against the loan right on other insurance companies charge interest in arrears and that functions.

A little differently. What happens is the insurance company takes the loan balance and they take the loan interest rate and they divide the loan interest rate by 365 and they assess interest against the loan balance on a daily basis so whatever that quotient is loan interest rate. Divided by 365 becomes the number that is multiplied against the daily loan balance. And that that amount of interest accumulates each day and at the end of the policy year.

The insurance company sends the policyholder a notice saying this is the loan interest that is accumulated for the year you have two options you can pay it send us a check that s the amount that you don t have to pay or we can just add it to the loan balance that already exists. If you do nothing we ll add it to the loan balance that already exists it will just accrue. I wanna. I want to just take a moment to paw and point something out because some people hear us say that the loan interest.

Accumulates daily. And they don t hear accumulates daily. They hear compounds daily and they go. Oh my god that s terrible.

No no doesn t compound daily at compounds annually. If it s added to the loan balance. But it accumulates daily the significance of that is if you pay down the loan throughout the policy year and any payment you send to the insurance company for the loan purpose is going to pay down balance not going to go towards interest that diminishes reduces the amount of interest that is accumulating daily. Each time you make a payment so right if your loan balance is ten thousand dollars today but you make a loan payment today of 1000.

That means tomorrow the calculation is nine thousand dollars times that quotient of loan interest rate divided by 365 right yeah. It s it s very important and and when you you know when you re buying a policy particularly if you re planning on using it as a source of supplemental retirement income in the future so in many cases most people who are planning to do that will are also planning to never repay their loan right so that that can become a an issue. I m not saying. I guess i wouldn t declare that a policy that charges interest in advance on loans is always better than a par sorry.

It s always inferior to a policy that charges in arrears. But it s something you should be aware of you should know when you buy the policy. How your pal. If you re planning to use policy loans.

Obviously you want to know which way is the interest charge. So that you know you re sort of mentally prepared for that and you can make plans accordingly. If you want to pay it back yep um. A couple of other things to know we already touched on briefly that there is no payment booklet.

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There s no ament specifically required sure so if you don t make payments to the loan. It ll continue to accumulate interest. Once per year and either the loan balance will grow to a point. Where it s larger than the cash value in the policy and the life insurance policy will lapse.

I or you the policy holder will surrender the policy receive whatever the net amount of cash is so gross cash minus the loan that that difference is now yours yeah. But do you understand that if the loan itself represents any amount of gain from the policy. There will be a tax and income tax liability for that or you die and when you die. What happens is the insurance company looks at a loan balance and your death benefit they pay off the loan balance in the remainder there again goes to whomever you have named as a beneficiary in that circumstance.

There s no taxes ever do because of the outstanding loan right so um. That s what happens if you don t make any payments towards the loan. If you want to make payments towards the loan you can you can make payments in any sort of frequency attentive any sort of amount you want to within certain parameters. This there s always a minimum amount that the insurance company will accept and that s because they really don t want to have to process a lot of one or two dollar checks.

All the time but you can give your pennies and yeah you can send in for example a payment of. 1000 one month 300 the next month 2000. The following month nothing for the next three months and then 500 after that the insurance company. Really doesn t care.

Um also available to just about anyone with any major life insurer is the ability to set up an automatic payment towards a loan through an eap so you could if you wanted to establish an efc repayment. Where you re paying whatever set amount you decide on to the insurance company. Each month. Yeah um or you could simply wait and do it once per year and make a payment towards the balance.

The interest if you want to i would i would just add that we ve seen all combinations of oh everything in its and a lot of people get hung up on what s the best way to do it. And there really isn t a best way be i mean it the the answer or the the the the consideration for best really has to do with the circumstances of the individual. What s best for you what s going to work out best for your finances your timing of cash flow. Any of those things that is what will matter and that s that s kind of the beauty of the whole system you can work it out to whatever whatever you want to um.

You could take out a loan and go several years without making any payment and then start making payments you could take out a loan and make several years of payment stop and then begin again the insurance company doesn t care. And you also should know that life insurance loans have no public element to them from a credit worthy point of view crucial detail they re taking out a policy loan against a life insurance policy is not something that gets reported to a credit bureau. It s not something that impacts your credit by virtue of originating. It s not something that impacts your credit.

If you don t pay it um. If you were to take out a life insurance loan and ultimately lapse. A life insurance policy. Because you never made any repayments that doesn t get reported to anybody.

There s no no consequences from credit worthiness for that moving forward it s it s a lie. It s a it s a ” ..

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