Me. Rev. Stat. tit. 14, § 3580

Extinguishment of cause of action

Known as the Uniform Fraudulent Transfer Act

The act spans §§ 3571–3582 (12 sections).

Applied in 3 court decisions — leading case In re Equipment Acquisition Resources, Inc. (2014)

Most recently applied in United States v. Equipment Acquisition Resource (February 2014)

PL 1985, c. 641, §3 (NEW).

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

1. Intent to defraud. Under section 3575, subsection 1, paragraph A, within 6 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; or

2. Failure to receive reasonably equivalent value; transfer to insider. Under section 3575, subsection 1, paragraph B, or section 3576, subsection 1 or 2, within 6 years after the transfer was made or the obligation was incurred.

Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.