Texas Business & Commerce Code - Section 24.010. Extinguishment Of Cause Of Action
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Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 24.010. Extinguishment Of Cause Of Action
§ 24.010. EXTINGUISHMENT OF CAUSE OF ACTION. (a) Except
as provided by Subsection (b) of this section, a cause of action
with respect to a fraudulent transfer or obligation under this
chapter is extinguished unless action is brought:
(1) under Section 24.005(a)(1) of this code, within
four years after the transfer was made or the obligation was
incurred or, if later, within one year after the transfer or
obligation was or could reasonably have been discovered by the
claimant;
(2) under Section 24.005(a)(2) or 24.006(a) of this
code, within four years after the transfer was made or the
obligation was incurred; or
(3) under Section 24.006(b) of this code, within one
year after the transfer was made.
(b) A cause of action on behalf of a spouse, minor, or ward
with respect to a fraudulent transfer or obligation under this
chapter is extinguished unless the action is brought:
(1) under Section 24.005(a) or 24.006(a) of this code,
within two years after the cause of action accrues, or if later,
within one year after the transfer or obligation was or could
reasonably have been discovered by the claimant; or
(2) under Section 24.006(b) of this code within one
year after the date the transfer was made.
(c) If a creditor entitled to bring an action under this
chapter is under a legal disability when a time period prescribed by
this section starts, the time of the disability is not included in
the period. A disability that arises after the period starts does
not suspend the running of the period. A creditor may not tack one
legal disability to another to extend the period. For the purposes
of this subsection, a creditor is under a legal disability if the
creditor is:
(1) younger than 18 years of age, regardless of
whether the person is married; or
(2) of unsound mind.
Amended by Acts 1987, 70th Leg., ch. 1004, § 1, eff. Sept. 1,
1987; Acts 1993, 73rd Leg., ch. 570, § 12, eff. Sept. 1, 1993.
Section: 24.003 24.004 24.005 24.006 24.007 24.008 24.009 24.010 24.011 24.012 24.013 26.01 26.02 27.01 27.02
Last modified: August 11, 2007
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