Ron,
Here in Houston the legal Bar Association sets aside 2 days a month where consumers can call in and ask questions such as you posed. You may want to check your local bar association.

Ron:

The statutory time is the time period within which a party to a contract is required to file an action, that time varies with the tolling of the statute, in California people have 4 years to file an action for a patent defect on a written contract, 2 years on an oral contract.  We also have a 10 year statutory time to file an action on a latent defect, of course the defect becomes patent once it is discovered, so if you are beyond the 4 year written contract statutory period and discover a defect, that period is extended 6 more years, of course once the latent defect has become patent the 4 year statute controls.  State laws differ on statutory periods, and statutory periods vary for contract, tort, criminal, administrative, and other claims.  Talk to an attorney licensed to practice in your state, this is vary complex, most attorneys only know the statutory periods in the areas they practice in, if an attorney blows a statute it is almost sure grounds for state bar discipline.