The statute of limitations relating to a fraudulent transfer can vary significantly from jurisdiction to jurisdiction. In Ohio, Section 1336.09 of the Ohio Uniform Fraudulent Transfer Act provides that a claim for relief must generally be brought within four years after a transfer was made. But even if that period has expired, a claim may be brought within one year after the transfer was (or reasonably could have been) discovered by a claimant.
Some other states and certain foreign jurisdictions (such as the Cook Islands) have much shorter statutes of limitation. This is one of the considerations involved in choosing a jurisdiction for a domestic asset protection trust or an offshore trust.
Many jurisdictions (including Ohio) consider when a claimant reasonably could have known about a transfer. For this reason, it is sometimes advisable to provide some sort of public notice of a transfer of assets. Many clients mistakenly think that asset protection involves hiding assets. That is not the case. It is not always advisable to provide public notice of an asset transfer, but sometimes it is. This can be done in a number of ways, such as filing a deed, a UCC financing statement, or some other public notice that a transfer of assets has occured.