In California, the statute of limitations for fraud actions, as set forth in Code of Civil Procedure section 338(d), is three years. An action for relief on the ground of fraud must be commenced within three years after the aggrieved party discovered the alleged wrongdoing. (April Enters., Inc. v. KTTV (1983) 147 Cal.App.3d 805, 826.)
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3 years from date of discovery, but discovery is not necessarily actual discovery. It can be discovery of facts that should have led you to learn of it. Do not delay if the actual fraud was some time ago.
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My colleagues are correct. It generally is three years from the date of discovery of the facts constituting the fraud. Many defendants, however, will argue that you had "constructive notice" of the fraud prior to the time and therefore the statute of limitations has already run. So, pleading delayed discovery of fraud in a complaint can be tricky particularly if the act took place several years ago. So, you may wish to consult a lawyer to help you on this.
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As my colleagues have expressed the statute of limitations for fraud is three years. However, the cause of action for fraud is not deemed to have accrued until the fraud is discovered. In other words, the clock does not begin to run until the aggrieved party discovers the fraud, rather then when the acts constituting fraud actual occurred. Discovery in this context is usually described as discovered or should have discovered. If a reasonable person would have discovered the fraud earlier, the clock will begin to run when the person should have discovered the fraud.