Oklahoma § 60-1312 - Cause of action or claim for relief by creditor of

§ 60-1312. Cause of action or claim for relief by creditor of

transferor — Requirements.

A. A cause of action or claim for relief with respect to a

qualified disposition of a transferor's assets under Section 29 of

this act is extinguished unless the action under Section 29 of this

act may only be brought by a creditor of the transferor who meets

one of the following requirements:

1. Is a creditor of the settlor before the settlor's assets are

transferred to the trust; or

2. Becomes a creditor subsequent to the transfer into trust,

and the asset was listed on a financial statement provided to a bank

or financial institution by or on behalf of the transferor for the

purpose of obtaining credit as a borrower, guarantor, surety,

pledgor, or otherwise.

B. Any action under Section 29 of this act may be filed at any

time, but in any event not later than five (5) years after the

Oklahoma Statutes - Title 60. Property

creditor has obtained a final, unappealable judgment against the

transferor. In such action, the creditor may proceed against the

transferred property or recover the value thereof in an amount up to

the amount of such judgment against the transferor.

C. This section and Sections 29, 31, 32, and 33 of this act are

inseparably interwoven with substantive rights that a deprivation of

legal rights would result if another jurisdiction's laws and

regulations to the contrary are applied to a claim or cause of

action described therein.

Added by Laws 2024, c. 369, § 30, eff. Nov. 1, 2024.