94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4270

 

Introduced 12/16/2005, 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.


LRB094 15546 LCT 50745 b

 

 

A BILL FOR

 

HB4270 LRB094 15546 LCT 50745 b

1     AN ACT concerning civil law.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Uniform Fraudulent Transfer Act is amended
5 by changing Section 10 as follows:
 
6     (740 ILCS 160/10)  (from Ch. 59, par. 110)
7     Sec. 10. A cause of action with respect to a fraudulent
8 transfer or obligation under this Act is extinguished unless
9 action is brought:
10     (a) under paragraph (1) of subsection (a) of Section 5,
11 within 4 years after a judgment in favor of the claimant is
12 awarded the transfer was made or the obligation was incurred
13 or, if later, within one year after the transfer or obligation
14 was or could reasonably have been discovered by the claimant;
15     (b) under paragraph (2) of subsection (a) of Section 5 or
16 subsection (a) of Section 6, within 4 years after a judgment in
17 favor of the claimant is awarded the transfer was made or the
18 obligation was incurred; or
19     (c) under subsection (b) of Section 6, within one year
20 after a judgment in favor of the claimant is awarded the
21 transfer was made or the obligation was incurred.
22 (Source: P.A. 86-814.)
 
23     Section 99. Effective date. This Act takes effect upon
24 becoming law.