How have limitation periods been interpreted in the context of limitation periods?

In the case of Haberman v. Peixeiro, three rationales for limitation periods are set out. I reproduce them herein simply to explain the importance of limitation periods. There are three, and they may be described as the certainty, evidentiary and diligence rationales… Statutes of limitations have long been said to be statutes of repose… The reasoning is straightforward enough. There comes a time, it is said, when a potential defendant should be secure in his reasonable expectation that he will not be held to account for ancient obligations… The second rationale is evidentiary and concerns the desire to foreclose claims based on stale evidence. Once the limitation period has lapsed, the potential defendant should no longer be concerned about the preservation of evidence relevant to the claim… Finally, plaintiffs are expected to act diligently and not “sleep on their rights”; statutes of limitations are an incentive for plaintiffs to bring suit in a timely fashion.