4 Years to Sue for Fraudulent Asset Transfer Claims, NJ Appeals Court Rules
In a published decision issued on January 12, 2016, the New Jersey Appellate Division confirmed that the same 4-year statute of limitations period for asserting fraudulent asset transfer claims applies in commercial transactions and tort claims regardless whether or not the creditor has obtained a judgment. Rosario, et al. vs. Marco Construction and Management, Inc., et al. , Superior Court of New Jersey, Appellate Division, Docket No. A-1562-14T3 (July 12, 2016). New Jersey Uniform Fraudulent Transfer Act The New Jersey Uniform Fraudulent Transfer Act ("UFTA") provides creditors the opportunity to recover property that judgment debtors have attempted to put beyond their reach. Specifically, the UFTA prohibits any transfer intended "to hinder, delay, or defraud any creditor of the debtor." N.J.S.A. 25:2-25(a). The UFTA contains a 4-year statute of limitations period to file suit "after the transfer was made or the obligation was incurred, or...