Section 1 reduces the statute of limitations for violations of the Minnesota antitrust law (combinations in restraint of trade) from four years to two years.
Section 2 reduces the general statute of limitations that requires various actions to be commenced within six years to four years. It applies to actions based upon:
(1) a contract or other obligation as to which no other limitation is prescribed;
(2) liability created by statute, other than liability based upon a penalty or where a shorter period is provided for in section 541.07 (two or three-year limitations for certain actions);
(4) taking, detaining, or injuring personal property;
(5) criminal conversation or other injury to person or rights not arising under contract;
(7) enforcement of a trust and related actions;
(8) sureties upon an official bond;
(9) damages caused by a dam used for commercial purposes; or
(10) assault, battery, false imprisonment, or other personal injury tort if the conduct that gives rise to the cause of action constitutes domestic abuse.
Section 3 provides that sections 1 and 2 are effective August 1, 2011, and apply to causes of action occurring or accruing on or after that date.