I have searched for ages to find both the site and an image of this
famous Statue, but without any luck.

It may that there is more than one but I can't find any.

The very name suggests that it may be in one of the (former)
totalitarian states, possibly the USSR, and I wouldn't be surprised to
find it somewhere near Lenin's Tomb.

Please put me out of my misery!

All the Best

Ranby

Ah, the fabled Statue of Limitations! I have searched far and wide and
deep for good candidates, and here are some of the best I could
locate. All are (obviously) statues. All suffer from (obvious)
limitations.

http://foosland.com/OldStuff/TripReport_1999Spain/MadridStatueWithoutPenis.jpg

http://www.fourthplinth.co.uk/images/marc_quinn_02_main.jpg

http://www.sculpturegallery.com/orlandi/F269_Winged_Victory.jpg

http://www.utexas.edu/courses/larrymyth/images/AA-Venus-de-Milo.jpg

http://althompson.smugmug.com/photos/7686559-M.jpg

http://www.lostpedia.com/images/3/32/Foot-statue.jpg

http://www.voyager-loin.com/albums/monuments-colonne-nelson/londres_trafalgar_square_statue_nelson_vue_panoramique.jpg

I find these to be less than satisfactory, so I've created my own
imaginary Statue of Limitations by fusing two famous images, the
Statue of Liberty and Rodin's "The Thinker." So here we have the
paradox and the salvation of our times: liberty enslaved by thought.

http://www.mortalwombat.com/Special/Statue_of_Limitations.jpg

I apologize for my own limitations. My graphic skills are somewhat
impaired lately. Fortunately, I still have my mind's eye.

Best always,
Pink

Of course, Pink, ALL statues have their limitations!

Many thanks for pointing out the obvious. (Poor Venus!)

But I do prefer the last one ...

Here in the UK, there was a time when statues of naked men in public
galleries had their naughty bits excised ... (I suspect in Victorian
times) ... but I don't know whether or not there was a Statute of
Limitations that imposed this requirement .... possibly 'A Limitation
of Statues Statute'.

Once again, you have solved one of Life's Mysteries ...

Very soon there'll be none left.

All the Best

Ranby

Excellent, Pinkfreud!  
I have always wondered if anyone prior to Rodin's model sat with
his/her left elbow on the right knee.  I've tried it, but certainly
didn't find it conducive to thinking, but then, for me, nothing much
is  - sometimes a shower or shaving, but not very often.

Just to justify Pink's comment elsewhere about my verbiage. 
Loquacious would have been a better adjective, but thanks for the more
tactful choice.

Myo

Bryan,

You have my unlimited gratitude for the pleasant correspondence, the
rousing wit, the galaxy of stars, and the bounty of tips that I have
enjoyed on Google Answers thanks to you. And your little dog, too.

~Pink