Ok, If I agree to that, should there also be the same limits on crimes committed by people? If I kill someone in NC, should I get the same 'get out of jail card' that this business gets (after the same time frame) because my crime is much harder to go to trial because of age, loss of evidence, etc?
If not, why not?
NC has no SOL for many crimes. Murder is obvious, but, e.g., rape also has no SOL.
I think the difference is that with serious crimes the states wants you to always be looking over your back. It's a deterrent factor knowing that you can always be caught and punished, no matter how much time has passed.
OTOH, damages caused to property may be accidental. I.e., the people responsible for them likely did not do it intentionally (unlike murder and rape).
A bank, an investor or otherwise a lender of sorts (supplier) will often demand proof that you have no outstanding claims before lending or otherwise entering into contractual obligations (this is a standard part of a financial audit). If there is no SOL for property damage etc then there can never be any assurances. In addition, many parties hurt by late filed claims had nothing to do with the original act. E.g., I buy a business from a guy who is retiring. 20 years later (after his death) I find out about some old claim and I'm forced to pay even though I had nothing to do with it.
Also there is the subject of remediation. If some problem is caught the damage could be remedied at significantly less cost than if allowed to fester for years and years. I suspect that the legislators believe the damaged party has at least
some responsibility to discover the problem rather than through inaction/irresponsibility let it fester until the cost is enormous.
In this case it seems that the victims/damaged party could not have known. I.e., in this case the law is faulty, but I have never seen a perfect law.
Fern