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under section 6901 and is using that section rather than State law
to assert a claim against petitioner as transferee. (In this
regard, we disagree with the dissent's assertion that respondent's
claim against petitioner is not created under Federal law, but
rather under California's UFTA. See Dissenting op. p. 33.)
Therefore, petitioner's reliance on Vellalos is misplaced.10
Further, the Court of Appeals for the Ninth Circuit has not
affirmatively approved of the District Court's exception in
Vellalos to the general rule of United States v. Summerlin, 310
U.S. 414 (1940), with respect to limitations periods in transferee
liability cases.11 United States v. Bacon, supra. Accordingly, we
are not bound to follow any such exception. See Golsen v.
Commissioner, 54 T.C. 742 (1970), affd. 445 F.2d 985 (10th Cir.
10 The dissent's reliance on Custer v. McCutcheon, 283
U.S. 514 (1931), is similarly misplaced. Dissenting op. p. 34.
Like the situation in United States v. Vellalos, 780 F. Supp. 705
(D. Haw. 1992), in Custer the United States pursued its remedies
under State law rather than under Federal law. Therefore, the
situation in Custer is distinguishable from the situation herein.
Moreover, it should be noted that Custer was decided several
years before United States v. Summerlin, 310 U.S. 414 (1940).
11 The Court of Appeals for the Ninth Circuit has created
an exception to the general rule of United States v. Summerlin,
supra, "[such] that a state statute which provides a time
limitation as an element of a cause of action or as a condition
precedent to liability applies to suits by the United States even
if there is an otherwise applicable federal statute of
limitations." United States v. California, 655 F.2d 914, 918
(9th Cir. 1980) (citing United States v. Hartford Accident &
Indem. Co., 460 F.2d 17, 19 (9th Cir. 1972)). The Court of
Appeals for the Ninth Circuit, however, has never applied this
exception in transferee liability cases.
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