Q: Is the statute of limitations in CA's UFTA based on the date the complaint was filed against the company, or against me?
I have been asked to return profits from a Life Settlement contract invetsment because the holding company was accused of running a Ponzi scheme. The UFTA has a statute of limitations of 4 years, but it's unclear to me if that is based on the date the complaint was filed against the company, or the date the complaint was filed against me. The Receiver has not actually filed a complaint against me yet, and the profits were paid to me over 5 years ago. Unsure if I am covered here or not. Thank you.
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
(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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