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statute of repose:
a statute that bars a cause of action after a period of time running from a particular act (as the delivery of a product) or event even if the cause of action has not accrued (as upon discovery of a defect) <the statute of repose began to run upon completion of the house even though the defect was not discovered for several years>
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.