South Dakota § 55-1-45 Limitation of action for fraudulent transfer of settlor's assets.

South Dakota Statutes

§ 55-1-45 — Limitation of action for fraudulent transfer of settlor's assets.

South Dakota·Title 55 FIDUCIARIES AND TRUSTS·Ch. 55-1 CLASSIFICATION AND CREATION OF TRUSTS

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

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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.

South Dakota § 55-1-45 (Limitation of action for fraudulent transfer of settlor's assets.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.