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which an action must be brought and provides for the extinguishment
of the cause of action created by the CUFTA if those time limits
are exceeded. In the case of a fraudulent transfer within the
meaning of section 3439.04(b), the cause of action is extinguished
unless an action is brought or a levy is made pursuant to section
3439.07 within 4 years after the fraudulent transfer is made.
B. Section 3439.09
Section 3439.09 is part of the CUFTA and, like the section
3439.07 remedies, it delimits the right (and offsetting transferee
liability) created by the CUFTA. It delimits that right, however,
not in terms of specifying the available remedies, as does section
3439.07 but, rather, in terms of specifying the temporal dimension
of the right. Section 3439.09 is not a statute of limitations. It
does not operate by making the judicial mechanism unavailable to
enforce the right. Rather, it delimits the existence of the State-
created right; thus, the question of enforcement is moot. The
distinction between a statute of limitations and a temporally
delimited right is widely recognized. See, e.g., Crandall v.
Irwin, 39 N.E.2d 608, 610 (Ohio 1942), in which the Supreme Court
of Ohio held:
A wide distinction exists between pure statutes of
limitation and special statutory limitations qualifying
a given right. In the latter instance time is made an
essence of the right created, and the limitation is an
inherent part of the statute or agreement out of which
the right in question arises, so that there is no right
of action whatever independent of the limitation. A
lapse of the statutory period operates, therefore, to
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