[§651C-9] Extinguishment of cause of action.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

[§651C-9] Extinguishment of cause of action. A cause of action with respect to a fraudulent transfer or obligation under this chapter is extinguished unless action is brought:

(1)Under section 651C-4(a)(1), within four years after the transfer was made or the obligation was incurred or, if later, within one year after the transfer or obligation was or could reasonably have been discovered by the claimant;

(2)Under section 651C-4(a)(2) or section 651C-5(a), within four years after the transfer was made or the obligation was incurred; or

(3)Under section 651C-5(b), within one year after the transfer was made or the obligation was incurred. [L 1985, c 216, pt of §1]

Case Notes

Section barred fraudulent conveyance claim by U.S. upon expiration of prescribed time period. 780 F. Supp. 705 (1992).

Petitioners' argument that the statute of limitations began to run when the judgment in the underlying action was filed was incorrect. 131 H. 497, 319 P.3d 416 (2014).

The one year limitations period under paragraph

(1)that begins on the date a transfer "was or could reasonably have been discovered by the claimant" commences when a plaintiff discovers or could reasonably have discovered a transfer's fraudulent nature. 131 H. 497, 319 P.3d 416 (2014).