Opinion of the Court — First Commerce of America Inc. v. Genesis Fire Protection, Inc.

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Type: Opinion of the Court
Filed: June 7, 2002
Case: First Commerce of America Inc. v. Genesis Fire Protection, Inc.
Case status: Decided

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MEMORANDUM * The first issue is whether First Commerce of America’s (First Commerce) fraudulent transfer claim is barred by the two-year limitations period in 11 U.S.C. § 546 (a) or the four-year limitations period in Arizona Revised Statutes section 44-1009. The relevant portion of section 44-1009 states that the claim must be brought “within four years after the transfer was made or obligation was incurred.” The last transfer in the record from Grantham Fire Protection, Inc. (Grantham) to Genesis Fire Protection, Inc. (Genesis) took place on May 1, 1992-four years and five months before the First Commerce filed its claim. Grantham also incurred a series of obligations on Genesis’ behalf when it allowed Genesis to use its credit to purchase goods from suppliers. While the record indicates that Genesis reimbursed Grantham for these withdrawals as late as December 11, 1992, there is no evidence that these obligations were incurred by *342 Grantham after August 31, 1992. Because First Commerce’s claim was not timely under either period, we have no need to decide which one applies. The district court’s summary judgment on First Commerce’s fraudulent transfer claim was proper. The seco…

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