Tag: statute of repose

N.C. Ct. of Appeal: KB Aircraft v. Jack Berry- Period to seek Commence Voidable Transfer Action Determined as of Transfer Date not Discovery; Statute of Repose

 

Summary:

While factually complicated, this case presents two issues of first impression under North Carolina law, first regarding the interpretation of the term “transfer” the North Carolina Uniform Voidable Transactions Act, N.C.G.S. § 39-23.9, and secondly, whether this is a statute of limitations or repose.

The Court of Appeals held that based on both the plain language of the statute and the legislative history, the term “transfer” refers to the actual date on which an asset was transferred, rather than the date when its fraudulent nature became apparent to a creditor.

Further, and that the statute is one of repose and not limitation.… Read More

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