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






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    AN ACT concerning civil law.

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


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



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



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

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    (a) under paragraph (1) of subsection (a) of Section 5, 
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within 4 years
after a judgment in favor of the claimant is 
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awarded
the transfer was made or
the obligation was incurred 
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or, if later, within one year after the
transfer or obligation 
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was or could reasonably have been discovered by the
claimant;

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

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

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

 

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