An action with respect to a transfer or obligation under ch. 242 shall be barred unless the action is commenced: (1) Under s. 242.04 (1) (a) , not later than 4 years after the transfer is made or the obligation is incurred or, if later, not later than one year after the transfer or obligation is or could reasonably have been discovered by the claimant. (2) Under s. 242.04 (1) (b) or 242.05 (1) , not later than 4 years after the transfer is made or the obligation is incurred. (3) Under s. 242.05 (2), not later than one year after the transfer is made.
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