The thesis ''Statute of Limitations'' deals with the topic of statute of limitations as a civil law institute. After a brief introduction in which the author succinctly describes the subject of the thesis, its purpose, and research objectives, the concept of loss of rights had to be defined. This definition explores what it means for the parties involved in a legal relationship. Within two subchapters, the author describes two types of loss of rights, depending on whether someone else acquires that right upon the original holder’s loss or not. There are two types of loss of rights: absolute (where no one else acquires the right after the loss of the holder) and relative (where someone else acquires the right). Subsequently, the thesis thoroughly examines the concept of statute of limitations and compares it to adverse possession. To fully understand the statute of limitations, it is crucial to analyze the prerequisites necessary for its realization. These prerequisites include the failure to assert a claim and the passage of time. The thesis also delves into the concepts of interruption and suspension of the statute of limitations as exceptions to the running of time. It’s important to note that the statute of limitations is not unlimited; lawmakers recognize specific situations in which creditors and debtors may find themselves. Hence, the institutes of interruption and suspension of the statute of limitations were developed to accommodate these special circumstances. The difference between these two institutes lies in whether the time elapsed before the occurrence of certain conditions is counted or not. The text discusses the provisions of the Civil Obligations Act and draws upon a series of scientific works. The paper concludes with the author’s opinion on the topic of the master’s thesis. The scientific methods employed in writing this paper include classification, analysis and synthesis, induction and deduction methods, analysis of judicial practice, and historical methods.