If you`re involved in a legal dispute in New York, you may have heard the term « tolling agreement statute of limitations. » This is an important concept to understand, as it can significantly impact your ability to pursue legal action.

First, let`s define some terms. The statute of limitations is the time frame during which a legal claim can be filed. Once the statute of limitations expires, the claim is barred and cannot be pursued. In New York, the statute of limitations varies depending on the type of claim.

A tolling agreement is an agreement between parties involved in a legal dispute to temporarily suspend or « toll » the statute of limitations. This means that the clock on the statute of limitations is paused, giving the parties more time to negotiate a settlement or reach a resolution before legal action needs to be taken.

In New York, tolling agreements are governed by Section 203 of the CPLR (Civil Practice Law and Rules). This section specifies that tolling agreements must be in writing and signed by all parties involved. The agreement must also specify the duration of the tolling period and when the statute of limitations will resume if no resolution is reached.

Tolling agreements can be useful tools for parties involved in legal disputes. They give the parties more time to negotiate a settlement or reach a resolution before needing to pursue legal action. They can also prevent the statute of limitations from running out while negotiations are ongoing.

However, it`s important to note that tolling agreements do have limitations. They may not be applicable to all types of claims, and they may only be effective for a limited amount of time. Additionally, if a tolling agreement is not reached or is not adhered to, the statute of limitations may expire and legal action may no longer be possible.

Overall, the tolling agreement statute of limitations is an important concept for anyone involved in a legal dispute in New York to understand. If you`re considering pursuing legal action, it`s important to work with an experienced attorney who can advise you on the best course of action and help you navigate the complex legal system.