New York Lien Law Article 3-A - DEFINITION AND ENFORCEMENT OF TRUSTS

• 70 - Definition of Trusts.
  1. The funds described in this section received by an owner for or in connection with an improvement of real property in this state, including...
• 71 - Purpose of the Trust; "Trust Claims"; "Beneficiaries."
  1. The trust assets of which an owner is trustee under subdivisions five (a) to five (f), inclusive, of section seventy of this chapter shall...
• 71-a - Further Trust of Funds Received or Receivable by Owner Under Executory Contract for the Sale and Improvement of Real Property.
  1. As used in this section, (a) A "contract of sale" is an executory contract for the sale of real property and the improvement thereof...
• 72 - Diversion of Trust Funds.
  1. Any transaction by which any trust asset is paid, transferred or applied for any purpose other than a purpose of the trust as stated...
• 73 - Affirmative Defense in Action Against Transferee of Trust Assets or to Charge Trustee in Certain Cases; "Notice of Lending."
  1. In any action against a person to whom trust assets have been transferred, to recover assets diverted from the trust or to recover damages...
• 74 - Authority of Trustee in Administering Trust Funds.
  1. Subject to subdivisions two and three of this section, the trustee is authorized to determine the order and manner of payment of any trust...
• 75 - Deposit of Funds of Trust; Books or Records to Be Kept.
  1. If the trustee deposits trust funds in a bank or other depositary they shall be deposited in his name. The trustee shall not be...
• 76 - Right of Beneficiaries to Examine Books or Records and Make Copies, or to Receive Statement.
  1. Any beneficiary of the trust holding a trust claim shall be entitled, upon request, after the expiration of thirty days from the date his...
• 77 - Action to Enforce Trust.
  1. A trust arising under this article may be enforced by the holder of any trust claim, including any person subrogated to the right of...
• 78 - Relief After Judgment on Obligation Constituting Trust Claim.
  If a trust beneficiary shall recover judgment against the trustee upon the obligation constituting the trust claim: (except in the enforcement of a lien as...
• 79 - Liens Not Affected.
  Nothing in this article shall prevent the enforcement of any lien as provided in articles two and three of this chapter and neither such lien...
• 79-a - Misappropriation of Funds of Trust.
  1. Any trustee of a trust arising under this article, and any officer, director or agent of such trustee, who applies or consents to the...

Last modified: February 3, 2019