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of <h1>Statutes of limitation serve as 'statutes of peace' preventing unlimited litigation threats and ensuring justice</h1> Statutes of limitation are founded on public policy and serve as 'statutes of peace' to prevent unlimited threats of litigation that create insecurity. Courts recognize three supporting reasons: dormant claims become cruel rather than just, defendants may lose evidence to dispute claims, and parties with valid causes should pursue them with reasonable diligence. The law prevents disturbance of rights acquired through long enjoyment and addresses losses from inaction or negligence. Based on the principle that the state's interest requires an end to litigation, limitation laws ensure private justice, suppress fraud, quicken diligence, and prevent oppression while encouraging prompt legal remedies.
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