2011 South Dakota Code
Title 55 FIDUCIARIES AND TRUSTS
Chapter 01. Classification And Creation Of Trusts
§55-1-45 Limitation of action for fraudulent transfer of settlor's assets.
55-1-45. Limitation of action for fraudulent transfer of settlor's assets. A cause of action or claim for relief with respect to a fraudulent transfer of a settlor's assets pursuant to § 55-1-44 is extinguished unless the action under § 55-1-44 is brought by a creditor of the settlor who meets one of the following requirements:
(1) Is a creditor of the settlor before the settlor's assets are transferred to the trust, and the action under § 55-1-44 is brought within the later of:
(a) Three years after the transfer is made; or
(b) One year after the transfer is or reasonably could have been discovered by the creditor if the creditor:
(i) Can demonstrate that the creditor asserted a specific claim against the settlor before the transfer; or
(ii) Files another action, other than an action under § 55-1-44, against the settlor that asserts a claim based on an act or omission of the settlor that occurred before the transfer, and the action described in this subsection is filed within three years after the transfer; or
(2) Becomes a creditor subsequent to the transfer into trust, and the action under § 55-1-44 is brought within three years after the transfer is made.
Source: SL 2011, ch 212, § 37.
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