New York Estates, Powers & Trusts Law Section 7-3.2 - Bona fide purchasers and creditors protected

7-3.2 Bona fide purchasers and creditors protected
An  express trust not declared in the disposition to the trustee or an
  implied or resulting trust does not defeat the title of a purchaser from
  the trustee for value and without notice of the trust, or the rights  of
  a  creditor  who  extended  credit  to  the trustee in reliance upon his
  apparent ownership of the trust property.

Last modified: February 3, 2019