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TeachMeFinance.com - explain Limitation historic definition... Limitation -- The length of the period in which the right exists to institute legal proceedings to enforce the collection of a debt. The length of this period varies in the different states. When the period has elapsed the debt is said to have been outlawed. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.