Definition
The legal time limit within which an HOA (or an owner) must take legal action, after which the right to sue may be lost.
A statute of limitations is the deadline for bringing a legal claim. It matters to HOAs on both sides: there are limits on how long the association has to enforce a debt or covenant, and limits on how long owners have to challenge an action.
Time limits vary by claim type and state, so an association pursuing (or defending) a legal matter should confirm the applicable period with counsel. Waiting too long can forfeit an otherwise valid claim.