This text of North Carolina § 39-23.9 (Extinguishment of claim for relief) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
A claim for relief with respect to a voidable transfer or obligation under this Article is extinguished unless action is brought:
(1)Under G.S. 39-23.4(a)(1), not later than four years after the transfer was made or the obligation was incurred or, if later, not later than one year after the transfer or obligation was or could reasonably have been discovered by the claimant;
(2)Under G.S. 39-23.4(a)(2) or G.S. 39-23.5(a), not later than four years after the transfer was made or the obligation was incurred; or
(3)Under G.S. 39-23.5(b), not later than one year after the transfer was made. (1997-291, s. 2; 2015-23, s. 1.)
§ 39-23.9A. Governing law.
(a)In this section, the following rules determine a debtor's location:
(1)A debtor who is an individual is located at the individual's princip
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A claim for relief with respect to a voidable transfer or obligation under this Article is extinguished unless action is brought:
(1) Under G.S. 39-23.4(a)(1), not later than four years after the transfer was made or the obligation was incurred or, if later, not later than one year after the transfer or obligation was or could reasonably have been discovered by the claimant;
(2) Under G.S. 39-23.4(a)(2) or G.S. 39-23.5(a), not later than four years after the transfer was made or the obligation was incurred; or
(3) Under G.S. 39-23.5(b), not later than one year after the transfer was made. (1997-291, s. 2; 2015-23, s. 1.)
§ 39-23.9A. Governing law.
(a) In this section, the following rules determine a debtor's location:
(1) A debtor who is an individual is located at the individual's principal residence.
(2) A debtor that is an organization and has only one place of business is located at its place of business.
(3) A debtor that is an organization and has more than one place of business is located at its chief executive office.
(b) A claim for relief in the nature of a claim for relief under this Article is governed by the local law of the jurisdiction in which the debtor is located when the transfer is made or the obligation is incurred. (2015-23, s. 1.)
§ 39-23.9B. Application to series organization.
(a) In this section, the following definitions apply:
(1) Protected series. - An arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in subdivision (2) of this subsection.
(2) Series organization. - An organization that, pursuant to the law under which it is organized, has all the following characteristics:
a. The organic record of the organization provides for creation by the organization of one or more protected series, however denominated, with respect to specified property of the organization, and for records to be maintained for each protected series that identify the property of or associated with the protected series.
b. Debt incurred or existing with respect to the activities of, or property of or associated with, a particular protected series is enforceable against the property of or associated with the protected series only, and not against the property of or associated with the organization or other protected series of the organization.
c. Debt incurred or existing with respect to the activities or property of the organization is enforceable against the property of the organization only, and not against the property of or associated with a protected series of the organization.
(b) A series organization and each protected series of the organization is a separate person for purposes of this Article, even if for other purposes a protected series is not a person separate from the organization or other protected series of the organization. (2015-23, s. 1.)