55-1-45. Limitation of action for fraudulent transfer of settlor's assets.
A cause of action or claim for relief with respect to a fraudulent transfer of a settlor's assets pursuant to §55-1-44 is extinguished unless the action under §55-1-44 is brought by a creditor of the settlor who meets one of the following requirements:
(1)Is a creditor of the settlor before the settlor's assets are transferred to the trust, and the action under §55-1-44 is brought within the later of:
(a)Two years after the transfer is made; or
(b)Six months after the transfer is or reasonably could have been discovered by the creditor if the creditor:
(i)Can demonstrate that the creditor asserted a specific claim against the settlor before the transfer; or
(ii)Files another action, other than an action under §55-1-44, against the settlor that asserts a claim based on an act or omission of the settlor that occurred before the transfer, and the action described in this subsection is filed within two years after the transfer; or
(2)Becomes a creditor subsequent to the transfer into trust, and the action under §55-1-44 is brought within two years after the transfer is made.
Source: SL 2011, ch 212, §37; SL 2013, ch 239, §23; SL 2020, ch 206, § 6.