term:

Peremption

peremption n

[Late Latin peremption- peremptio, the act of quashing, from Latin perimere to take away entirely, destroy, kill]
in the civil law of Louisiana
: the absolute extinguishment of a right that prevents the bringing of an action [a claim barred by ]
;also
: the period of time after which such an extinguishment automatically occurs compare prescription

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.