If you think your liability is limited to 5 years.

[DTB]

ILLINOIS:

Fraud: Fraudulent concealment, 5 years. Fraud by a decedent, 2 years.

 

[xmtpedprl]

We just received an "appraisal audit order" (so-called by the client) for a property done in good ol' Morris, IL. back in 2006. It's nasty, I wouldn't want to be that appraiser, *if* it really was that appraiser in the first place.

I suspect there's going to be a lot of this sort of thing coming down the pipe.

Dave...

 

[RSW]

Statute of limitations starts from the date of DISCOVERY. I don't think there is any time limitation for fraud.

That was my understanding too.

 

[Couch Potato]

As Terrel stated, why it was not discovered at an earlier time affects whether the date of discovery is the date from which the clock starts ticking on the statute of limitations.

If they were just lazy and waited 5 years to read the closing documents, the statute of limitations would likely have expired. However, if someone in the transaction took five years to give them the documents to read, the statute of limitations would likely be measured from when they received the documents. Only a judge can make the actual decision on what is "reasonable" for an expectation of discovery of the fraud.