Statutes of Limitation
A statute of limitations sets a limit of the maximum amount of time after a wrong occurs in which a person harmed by that wrong may file a lawsuit. Each state sets its own limitations periods and these periods are often different for different kinds of cases. The limitations periods for lawsuits alleging fraud are as follows.
In Colorado, lawsuits for fraud must be filed within three years of the date when the fraud was discovered or reasonably ought to have been discovered.