(1) Unless previously adjudicated in a formal testacy proceeding or in a proceeding settling the accounts of a personal representative or otherwise barred, the claim of any claimant to recover from a distributee who is liable to pay the claim, and the right of any heir or devisee or of a successor personal representative acting in their behalf, to recover property improperly distributed or the value thereof from any distributee is forever barred as follows:
A claim by a creditor of the decedent is forever barred at one year after the decedent'sdeath.
Any other claimant or any heir or devisee is forever barred at the later of the following:
Three years after the decedent's death; or
One year after the time of distribution thereof.
(2) This section does not bar an action to recover property or value received as the result of fraud.
Source: L. 73: R&RE, p. 1606, § 1. C.R.S. 1963: § 153-3-1006. L. 90: Entire section amended, p. 907, § 6, effective July 1.