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 Post subject: Extinguishment of Claim - Statute of Limitation CUFTA3439.09
PostPosted: Sun Dec 14, 2008 10:02 pm 
Partner of Riser Adkisson LLP
Partner of Riser Adkisson LLP
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Joined: Fri Dec 12, 2008 10:13 am
Posts: 933
Location: Newport Beach, CA
Extinguishment of Claim -- Statute of Limitation CUFTA 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.

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 Post subject: Re: Extinguishment of Claim - Statute of Limitation CUFTA3439.09
PostPosted: Sun Feb 15, 2009 8:43 am 
Member of the California Association of Judgment Professionals
Member of the California Association of Judgment Professionals

Joined: Mon Jan 05, 2009 12:53 pm
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Jay...I am just wondering...If a party has a judgment against someone, places a lien on the debtor's real property by filing an abstract of judgment, and the debtor thereafter fraudulently transfers the real property, is a fraudulent transfer action necessary? Doesn't the lien follow the property? What are the pro's and con's of filing a fraudulent transfer action in this scenario?


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