A claim for relief with respect to a transfer or obligation under this subchapter is extinguished unless action is brought:
under § 4-59-204(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;
under § 4-59-204(a)(2) or § 4-59-205(a), not later than four years after the transfer was made or the obligation was incurred; or
under § 4-59-205(b), not later than one year after the transfer was made.
Amendments.
The 2017 amendment substituted “claim for relief” for “cause of action” in the section heading; substituted “A claim for relief with respect to a transfer” for “A cause of action with respect to a fraudulent transfer” in the introductory language; in (a), substituted “not later than four (4) years” for “within three (3) years” and added “or, if later, not later than one year after the transfer or obligation was or could reasonably have been discovered by the claimant”; substituted “not later than four (4) years” for “within three (3) years” in (b); and, in (c), substituted “not later than one year” for “within one (1) year” and deleted “or the obligation was incurred” at the end.
Case Notes
Applicability.
In a will contest, the three-year statute of limitations for claims under the Arkansas Fraudulent Transfers Act did not apply because appellee who sought a constructive trust was not a creditor seeking a remedy under that Act; rather, the facts alleged in the petition sounded in tort based on appellant's alleged breach of fiduciary duty and alleged use of undue influence over the decedent, and thus the three-year statute of limitations for torts in § 16-56-105 more aptly applied.
Smith v. Smith (In re Estate of Smith), 2020 Ark. App. 113 (2020) (decided under prior version of statute).
Three-Year Look-Back.
This subchapter’s definition of “transfer” was similar to the definition in the Bankruptcy Code. While the Bankruptcy Code afforded the trustee the ability to avoid transfers made within two years of filing bankruptcy, the Arkansas statute allowed three years from the date of transfer. Despite the one-year difference in the look-back period, however, the statutes were in pari materia and the same analysis applied under both laws.
Jacoway v. Svetc (In re Svetc), 521 B.R. 892 (Bankr. W.D. Ark. 2014) (decision under prior law).
Three-year limitations period of this section barred a judgment creditor from setting aside a husband's quitclaim deed to a wife because (1) the deed was transferred from the husband to the wife over three years before the creditor obtained and filed of record a judgment against the husband, and (2) the equitable doctrine of laches did not apply under § 4-59-210 (now § 4-59-212), since the limitations period passed before the creditor obtained a judgment against the husband.
McMahen v. Robinson, 2017 Ark. App. 270, 521 S.W.3d 510 (2017) (decision under prior law).
Notes of Decisions
Cited in 11
cases, 2000–2020 · leading case: In Re Est. of Smith, 2020 Ark. App. 113 (Ark. Ct. App. 2020).
In Re Est. of Smith, 2020 Ark. App. 113 (Ark. Ct. App. 2020). · cites it 8ד3 In the alternative, he argues that the petition for constructive trust is based on claims that he breached his fiduciary duty; therefore, the three-year statute of limitation for tort claims in Arkansas Code Annotated section 16-56-105 (Repl.”
Williams v. Marlar (In Re Marlar), 252 B.R. 743 (8th Cir. BAP 2000). “However, beginning with the payment due July 1, 1995, the debtor defaulted in his loan payments.”
Off. Comm. of Unsecured Creditors of SGK Ventures, LLC v. NewKey Grp., LLC (In re SGK Ventures, LLC), 521 B.R. 842 (Bankr. N.D. Ill. 2014). “Code § 8-9A-9 (2014) (10-year statute of repose for actual fraudulent transfers of real property and six years for actual fraudulent transfers of personal property), Ark.Code Ann. §§ 4-59-209(a)-(b) ( West 2014 ) (three-year statute of repose for actual and constructive…”
Meeks v. Don Howard Charitable Remainder Trust (In Re S. Health Care of Arkansas, Inc.), 309 B.R. 314 (8th Cir. BAP 2004). “The only substantial difference is that Arkansas provides for a three-year reach back period for undoing fraudulent transfers, Ark. Code Ann. § 4-59-209 , whereas the Bankruptcy Code only provides for a one-year reach back period.”
United States v. Jepsen, 131 F. Supp. 2d 1076 (W.D. Ark. 2000). · cites it 4דEven if the United States could establish actual intent, defendants argue the fraudulent conveyance cause of action is barred by the three year statute of limitations contained in Ark.Code Ann. § 4-59-209. The Arkansas Fraudulent Transfer Act provides that a claim under §…”
In re Hopper, 474 B.R. 872 (Bankr. E.D. Ark. 2012). · cites it 2דAccordingly, all the transfers at issue *888 are within the three-year look back for fraudulent transfers under Ark.Code Ann. § 4-59-209. . The Court acknowledges that a Trustee may have a difficult time pursuing certain transfers given Debtor's explanation that the $129,000…”
Meeks v. Healthcorp of Tennessee, Inc. (In Re S. Health Care of Arkansas, Inc.), 299 B.R. 918 (Bankr. E.D. Ark. 2003). · cites it 2דArk.Code Ann. § 4-59-209 (Repl.2001). The Trustee has standing to bring this action by virtue of the strong-arm provisions of § 544(b)(1) and Arkansas Code Annotated § 4-59-204, and may avoid transfers that occurred within three years prior to the petition filing date, October…”
McMahen v. Robinson, 2017 Ark. App. 169 (Ark. Ct. App. 2017). · cites it 2דIn denying the petition, the trial court determined that the three-year statute of limitations provided in Arkansas Code Annotated section 4-59-209 (Repl. 2011) did not apply to prevent appellee Kenneth Mack Robinson from obtaining, under the doctrine of laches, an order setting…”
Jacoway v. Svetc (In re Svetc), 521 B.R. 892 (Bankr. W.D. Ark. 2014). “Although § 548 affords the trustee the ability to avoid transfers made within two years of filing bankruptcy, the Arkansas statute allows the trustee three years from the date of the transfer to bring a cause of action under Arkansas Code section 4-59-204(a)(1).”
McMahen v. Robinson, 2017 Ark. App. 270 (Ark. Ct. App. 2017). · cites it 21דThe trial court filed an order on August 14, 2015, finding that, despite the three-year limitation provided in Ark. Code Ann. § 4-59-209 , the issue of when the time for setting aside the quitclaim transaction expired was a question of fact under the equitable doctrine of laches.”
In Re Schultz, 324 B.R. 712 (Bankr. E.D. Ark. 2005). · cites it 2ד§ 548 and Ark.Code Ann. § 4-59-209. The Bankruptcy Trustee objects to the Debtor’s exemption of these trusts on the grounds that such trusts are “self-settled” (ie.”
Ark. Code Ann. § 4-59-209(a): 2 cases
Off. Comm. of Unsecured Creditors of SGK Ventures, LLC v. NewKey Grp., LLC (In re SGK Ventures, LLC), 521 B.R. 842 (Bankr. N.D. Ill. 2014). “Code § 8-9A-9 (2014) (10-year statute of repose for actual fraudulent transfers of real property and six years for actual fraudulent transfers of personal property), Ark.Code Ann. §§ 4-59-209(a)-(b) ( West 2014 ) (three-year statute of repose for actual and constructive…”
Jacoway v. Svetc (In re Svetc), 521 B.R. 892 (Bankr. W.D. Ark. 2014). “Although § 548 affords the trustee the ability to avoid transfers made within two years of filing bankruptcy, the Arkansas statute allows the trustee three years from the date of the transfer to bring a cause of action under Arkansas Code section 4-59-204(a)(1).”
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