A statute of limitations is a law which sets the maximum period which one can wait before filing a lawsuit, depending on the type of case or claim. The periods vary by state and by type of claim. Federal statutes set the limitations for federal lawsuits. If the lawsuit or claim is not filed before the statutory deadline, the right to sue or make a claim is lost forever. In some instances, a statute of limitations can be extended (tolled) based on delay in discovery of the injury or fraud.