Kentucky Statutes 378A.090 – Extinguishment of claim for relief
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A claim for relief with respect to a transfer or obligation under this chapter is extinguished unless action is brought:
(1) Under KRS § 378A.040(1)(a), not later than four (4) years after the transfer was made or the obligation was incurred or, if later, not later than one (1) year after the transfer or obligation was or could reasonably have been discovered by the claimant;
(2) Under KRS § 378A.040(1)(b) or 378A.050(1), not later than four (4) years after the transfer was made or the obligation was incurred; or
(3) Under KRS § 378A.050(2), no later than one (1) year after the transfer was made.
Effective: January 1, 2016
History: Created 2015 Ky. Acts ch. 37, sec. 9, effective January 1, 2016.
(1) Under KRS § 378A.040(1)(a), not later than four (4) years after the transfer was made or the obligation was incurred or, if later, not later than one (1) year after the transfer or obligation was or could reasonably have been discovered by the claimant;
Terms Used In Kentucky Statutes 378A.090
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, license, and creation of a lien or other encumbrance. See Kentucky Statutes 378A.010
- Year: means calendar year. See Kentucky Statutes 446.010
(2) Under KRS § 378A.040(1)(b) or 378A.050(1), not later than four (4) years after the transfer was made or the obligation was incurred; or
(3) Under KRS § 378A.050(2), no later than one (1) year after the transfer was made.
Effective: January 1, 2016
History: Created 2015 Ky. Acts ch. 37, sec. 9, effective January 1, 2016.