HB3804 94TH GENERAL ASSEMBLY

LRB094 09498 LCB 39749 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB3804

Introduced 2/25/2005, by Rep. Sidney H. Mathias

SYNOPSIS AS INTRODUCED:

740 ILCS 160/10

from Ch. 59, par. 110

Amends the Uniform Fraudulent Transfer Act. Changes the statute of limitations for a cause of action with respect to fraudulent transfers or obligations to the listed number of years after a judgment in favor of the claimant is awarded (instead of after the transfer was made or the obligation was incurred). Effective immediately.

A BILL FOR

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Uniform Fraudulent Transfer Act is amended by changing Section 10 as follows:

(740 ILCS 160/10) (from Ch. 59, par. 110)

Sec. 10. A cause of action with respect to a fraudulent transfer or obligation under this Act is extinguished unless action is brought:

(a) under paragraph (1) of subsection (a) of Section 5, within 4 years after a judgment in favor of the claimant is awarded 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 claimant;

(b) under paragraph (2) of subsection (a) of Section 5 or subsection (a) of Section 6, within 4 years after a judgment in favor of the claimant is awarded the transfer was made or the obligation was incurred; or

(c) under subsection (b) of Section 6, within one year after a judgment in favor of the claimant is awarded the transfer was made or the obligation was incurred.

(Source: P.A. 86-814.)

Section 99. Effective date. This Act takes effect upon becoming law.