1. (1) Unless previously adjudicated in a formal testacy proceeding or in a proceeding settling the accounts of a personal representative or otherwise barred, the claim of any claimant to recover from a distributee who is liable to pay the claim, and the right of any heir or devisee or of a successor personal representative acting in their behalf, to recover property improperly distributed or the value thereof from any distributee is forever barred as follows:

   1. (a) A claim by a creditor of the decedent is forever barred at one year after the decedent's death.

   2. (b) Any other claimant or any heir or devisee is forever barred at the later of the following:

      1. (I) Three years after the decedent's death; or
      2. (II) One year after the time of distribution thereof.
2. (2) This section does not bar an action to recover property or value received as the result of fraud.

Source: L. 73: R&RE, p. 1606, § 1. C.R.S. 1963: § 153-3-1006. L. 90: Entire section amended, p. 907, § 6, effective July 1.