A cause of action or claim for relief with respect to a fraudulent transfer of a settlor's assets pursuant to § 55-1-44 is extinguished unless the action under § 55-1-44 is brought by a creditor of the settlor who meets one of the following requirements:

1. (1) Is a creditor of the settlor before the settlor's assets are transferred to the trust, and the action under § 55-1-44 is brought within the later of:

   1. (a) Two years after the transfer is made; or

   2. (b) Six months after the transfer is or reasonably could have been discovered by the creditor if the creditor:

      1. (i) Can demonstrate that the creditor asserted a specific claim against the settlor before the transfer; or
      2. (ii) Files another action, other than an action under § 55-1-44, against the settlor that asserts a claim based on an act or omission of the settlor that occurred before the transfer, and the action described in this subsection is filed within two years after the transfer; or
2. (2) Becomes a creditor subsequent to the transfer into trust, and the action under § 55-1-44 is brought within two years after the transfer is made.

Source: SL 2011, ch 212 , § 37; SL 2013, ch 239 , § 23; SL 2020, ch 206 , § 6.