Statutes of limitations have long occupied an essential and important place in every system of jurisprudence. They express a policy that is essential to social progress in a great variety of ways. Their effect is particularly noteworthy in the field of property law where they promote repose and give security to human affairs. "They stimulate to activity and punish negligence. While time is constantly destroying the evidence of rights, they supply its place by a presumption which renders proof unnecessary."
Paul E. Basye,
STREAMLINING CONVEYANCING PROCEDURE,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol47/iss8/6