Statute of repose

Mr. Lay sued the manufacturer of the elevator for a defective dumbwaiter. The case involved arguments about the Missouri statute of repose, transfer of liability from the original manufacturer to a later owner, and an ultimate jury award of 5,000,000. An appeals court assigned one-third of the fault to Mr. Lay and the remainder to the manufacturer. There was an award of more than 9,000,000. 

What is a statute of limitations What is a stame of repose How do they differ ... 

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