statute of repose

(redirected from Nonclaim statute)
Also found in: Financial.

statute of repose

Legal protection from prosecution or damages that result from the failure of a project completed in the distant past. A statute of repose protects participants in the project (for example, a heart valve manufacturer for its old, currently obsolete heart valves) for a specified number of years after the valve is no longer made, sold, or used in patient care.

Repose statutes differ from statutes of limitation. A statute of limitations provides protection to the valve manufacturer if an injured patient fails to file a claim of damages some number of months after being injured by the operation to implant it. The statute of repose provides the valve maker with an independent protection that states, in essence, that once a sufficient time has passed, the manufacturer has no ongoing relationship with its old products.