§ 34-14-210 — Extinguishment of claim for relief

Wyoming § 34-14-210

• Jurisdiction: Wyoming
• Title 34: Property, Conveyances and Security Transactions
• Ch. 14: FRAUDULENT TRANSFERS
• Art. 2: UNIFORM FRAUDULENT TRANSFER ACT

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(a) Except as provided in subsection (b) of this section,
a claim for relief with respect to a fraudulent transfer or
obligation under this act is extinguished unless an action is
brought:
(i) Under W.S. 34-14-205(a)(i), within two (2) years
after the transfer was made or the obligation was incurred or,
if later, within six (6) months after the transfer or obligation
was or could reasonably have been discovered by the claimant;
(ii) Under W.S. 34-14-205(a)(ii) or 34-14-206(a),
within two (2) years after the transfer was made or the
obligation was incurred; or
(iii) Under W.S. 34-14-206(b), within six (6) months
after the transfer was made or the obligation was incurred.
(b) A claim for relief with respect to a fraudulent
transfer or obligation under this act involving qualified
transfers to a qualified spendthrift trust as provided by W.S.
4-10-510 through 4-10-515 or involving transfers to an
irrevocable discretionary trust, provided that the trustee may
only make discretionary distributions under W.S. 4-10-506(c), is
extinguished unless an action is brought:
(i) With respect to a creditor known to the settlor,
one hundred twenty (120) days after the date on which notice of
the transfer is mailed to the creditor, provided that the notice
states:
(A) The name and address of the settlor or the
settlor's representative and the name and address of the trustee
or the trustee's representative;
(B) That assets were transferred to a qualified
spendthrift trust or to an irrevocable trust where the trustee
can only make discretionary distributions; and
(C) That the creditor is required to initiate an
action against the settlor and the trustee within one hundred
twenty (120) days from the mailing of the notice or the claim is
forever barred.
(ii) With respect to a creditor not known to the
settlor, one hundred twenty (120) days after the date on which
notice of the transfer is first published in a newspaper of
general circulation in the county in which the settlor resides,
provided that the notice includes the information required in
paragraph (i) of this subsection;
(iii) Notwithstanding paragraphs (i) and (ii) of this
subsection, within the later of two (2) years after the transfer
is made or six (6) months after the transfer is or reasonably
could have been discovered by the creditor if the creditor can
demonstrate by clear and convincing evidence that the creditor
asserted a specific claim against the settlor before the
transfer.