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Can someone explain California Civil Code =A7 3439.09(c) =
charset="windows-1251"
Critical language:
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.
Sometimes you don't discovery a fraudulent transfer during 4 years. The
statute says you can still bring it if filed within 1 year of discovery.
The 7 year deadline is an absolute bar. It cuts off the 1 year of discovery
rule.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Holly Roark
Sent: Saturday, October 23, 2010 9:45 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Can someone explain California Civil Code 3439.09(c) re
7 years to bring a fraudulent transfer claim?
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
charset="windows-1251"
Message
Critical
language:
within 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 theclaimant.
Sometimes you don't
discovery a fraudulent transfer during 4 years. The statute says you can
still bring it if filed within 1 year of discovery. The 7 year deadline is
an absolute bar. It cuts off the 1 year of discovery
rule.
David A.
Tilem
Certified Bankruptcy
Specialist*
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