A right of reimbursement provided by this part is subject to the following provisions:
(a) The right arises regardless of which spouse applies the property to the satisfaction of the debt, regardless of whether the property is applied to the satisfaction of the debt voluntarily or involuntarily, and regardless of whether the debt to which the property is applied is satisfied in whole or in part. The right is subject to an express written waiver of the right by the spouse in whose favor the right arises.
(b) The measure of reimbursement is the value of the property or interest in property at the time the right arises.
(c) The right shall be exercised not later than the earlier of the following times:
(1) Within three years after the spouse in whose favor the right arises has actual knowledge of the application of the property to the satisfaction of the debt.
(2) In proceedings for division of community and quasi-community property pursuant to Division 7 (commencing with Section 2500) or in proceedings upon the death of a spouse.
(Enacted by Stats. 1992, Ch. 162, Sec. 10. Operative January 1, 1994.)