The recent Florida Supreme Court ruling that arbitration claims are subject to statutes of limitation is a landmark decision that rightfully preserves the desirability of arbitration as a viable and efficient method of dispute resolution.
Here is a potential scenario to illustrate the significant benefits that the court’s ruling in Raymond James Financial Services, Inc. v. Phillips will bring. Imagine that, while purchasing real estate in 2006, you and the seller mutually agreed to extend the closing date by a couple of weeks. All seemed fine until seven years later, when you unexpectedly were served with a complaint seeking damages and seven years of interest for allegedly failing to close on time. You are certain that the agreed extension was confirmed in a series of emails, but you cannot find them seven years later. Under normal circumstances, such claims would be barred by Florida’s statute of limitations.
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