1. (1) Unless previously adjudicated or otherwise barred, the claim of a claimant to recover from a grantee-beneficiary who is liable to pay the claim, and the right of an heir or devisee or of a personal representative acting on behalf of an heir or devisee, to recover property from a grantee-beneficiary or the value thereof from a grantee-beneficiary is forever barred as follows:

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

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

      1. (I) Three years after the owner's death; or
      2. (II) One year after the time of recording the proof of death of the owner in the office of the clerk and recorder in the county in which the legal property is located.
2. (2) Nothing in this section shall be construed to bar an action to recover property or value received as the result of fraud.

Source: L. 2004: Entire part added, p. 733, § 1, effective August 4.