2011 Kentucky Revised Statutes CHAPTER 378 FRAUDULENT AND PREFERENTIAL CONVEYANCES 378.070 Action on transfer by preferential act -- Limitation and extension of limitation -- Parties -- Proceedings.
KY Rev Stat § 378.070 (1996 through Reg Sess) What's This?
378.070 Action on transfer by preferential act -- Limitation and extension of
limitation -- Parties -- Proceedings.
(1)
(2)
(3)
Any transfer declared by KRS 378.060 to inure to the benefit of creditors generally
shall be subject to the control of courts of equity, upon the petition of any person
interested filed within ninety (90) days after the mortgage or transfer is legally
lodged for record or the delivery of the property transferred.
Any person interested may unite in the petition, but it is not necessary that any
person other than the debtor and the transferee be made defendants. The action and
proceedings as to the mode of proving claims, and otherwise, shall be conducted as
are actions and proceedings for the settlement of the estates of deceased persons,
insofar as they are applicable.
The ninety (90) day limitation period specified in subsection (1) of this section shall
be extended to one (1) year if the transaction is between the debtor and an insider.
As used in this subsection, the term "insider" shall carry the same meaning as set
out in 11 U.S.C. sec. 101.
Effective: July 12, 2006
History: Amended 2006 Ky. Acts ch. 247, sec. 35, effective July 12, 2006. -Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
secs. 1911, 1912, 1917.
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