Central District Consumer Bankruptcy Attorney's Association

Got it. That makes sense. For some reason, I was not understanding this
after reading it over and over.
Holly Roark
holly@roarklawoffices.com
2010/10/25 David A. Tilem
>
>
> 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.
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
> -----Original Message-----
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On Behalf
> Of *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
>
>
>
Holly Roark
holly@roarklawoffices.com
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
Got it. That makes sense. For some reason, I was not understanding this after reading it over and over.
Holly Roark
holly@roarklawoffices.com
2010/10/25 David A. Tilem <DavidTilem@tilemlaw.com>
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 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.

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