For most people, the term statute of limitations likely calls to mind criminal matters. For many criminal offenses, such as petty theft and other misdemeanors, there is a firm statute of limitations in place. This statute effectively protects someone from facing criminal consequences indefinitely. In other words, the state has a limited amount of time when they can bring charges against someone for a criminal act.
Creating a statute of limitations helps incentivize individuals to change their lives. If they don't make similar criminal mistakes in the future, they can potentially avoid penalties and consequences. If there weren't such a limit in place, there would be little reason for those who have ever committed a crime to attempt to reform their ways.