Okla. Stat. tit. 60, § 60-1312
This is the official text of Okla. Stat. tit. 60, § 60-1312, part of Oklahoma’s Stat. tit. 60, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 60,." Browse the sections below, each linked to its official government source.
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Cause of action or claim for relief by creditor of
Official statutory text
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 Page 281
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.
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 Page 281
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.
Status: in_force · Read it on the official government site
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