Limitation of Actions and Levies

No action under this division shall be brought nor levy made more than one year after the date on which the transferee took possession of the goods unless the transfer has been concealed or, in the case of a security interest which constitutes a bulk transfer under this division, after the date on which said security interest is perfected under Division 9. If the transfer has been concealed, an action may be brought or levy made within one year after its discovery by the creditor bringing such action or making such levy or after it should have been discovered by such creditor in the exercise of reasonable diligence, whichever first occurs. ---------- COL070307