The defendants moved for summary judgment to dismiss the plaintiff bank's fraudulent conveyance action as statute-barred, and alternatively to discharge a certificate of pending litigation (CPL) for delay.
The plaintiff brought a cross-motion to extend the time to set the action down for trial.
The court held that the applicable limitation period for an action to set aside a fraudulent conveyance of real property is the ten-year period under section 4 of the Real Property Limitations Act, not the two-year period under the Limitations Act, 2002.
As the action was commenced within ten years, the summary judgment motion was dismissed.
The court also declined to discharge the CPL or dismiss the action for delay, finding that both parties contributed to the delay and the plaintiff would suffer prejudice if the action were dismissed.
The plaintiff's motion to extend time was granted.