Adkisson describes the impact of a recent court case in reaffirming a provision of the California Uniform Voidable Transactions Act (CUVTA). Adkisson outlines the Statute of Extinguishment in the CUVTA Civil Code, explaining that “a Statute of Extinguishment is very much like a Statute of Limitations, but with one key difference: A Statute of Extinguishment has the effect of terminating the action altogether, whereas by contrast a Statute of Limitations only keeps the plaintiff from bringing an action to enforce the right, but the right may still be asserted as a set-off even if untimely, such as by way of a counterclaim.”
Posted by Jessica Zhang, Associate Editor, Wealth Strategies Journal.
