=?ISO-8859-1?Q?Can_someone_explain_California_Civil_Code_=A7_3439=2E09?=
Posted: Sat Oct 23, 2010 9:45 pm
Here is the complete text of CCC 3439.09:
A cause of action with respect to a fraudulent transfer or
obligation under this chapter is extinguished unless action is
brought pursuant to subdivision (a) of Section 3439.07 or levy made
as provided in subdivision (b) or (c) of Section 3439.07:
(a) Under paragraph (1) of subdivision (a) of Section 3439.04,
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.
(b) Under paragraph (2) of subdivision (a) of Section 3439.04 or
Section 3439.05, within four years after the transfer was made or the
obligation was incurred.
(c) Notwithstanding any other provision of law, a cause of action
with respect to a fraudulent transfer or obligation is extinguished
if no action is brought or levy made within seven years after the
transfer was made or the obligation was incurred.
I do not understand the purpose of saying that a fraudulent tranfer claim
must be brough within 4 years, but then, no wait, it's really 7 years. Can
someone explain how this actually plays out? Do bk trustees sue if the
transfer was made between 4 and 7 years prior to the bk? I have read a few
cases citing to this statute but I have gleaned no clarification on this.
Any insight you can provide is greatly appreciated.
Holly Roark
holly@roarklawoffices.com
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
Here is the complete text of CCC 3439.09:
A cause of action with respect to a fraudulent transfer orobligation under this chapter is extinguished unless action isbrought pursuant to subdivision (a) of Section 3439.07 or levy madeas provided in subdivision (b) or (c) of Section 3439.07:
thin four years after the transfer was made or the obligation wasincurred or, if later, within one year after the transfer orobligation was or could reasonably have been discovered by the
claimant. (b) Under paragraph (2) of subdivision (a) of Section 3439.04 orSection 3439.05, within four years after the transfer was made or theobligation was incurred. (c) Notwithstanding any other provision of law, a cause of action
with respect to a fraudulent transfer or obligation is extinguishedif no action is brought or levy made within seven years after thetransfer was made or the obligation was incurred.
I do not understand the purpose of saying that a fraudulent tranfer claim must be brough within 4 years, but then, no wait, it's really 7 years. Can someone explain how this actually plays out? Do bk trustees sue if the transfer was made between 4 and 7 years prior to the bk? I have read a few cases citing to this statute but I have gleaned no clarification on this. Any insight you can provide is greatly appreciated.
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