§ 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 a home improvement loan, or received by a contractor under or in connection with a contract for an improvement of real property, or home improvement, […]
§ 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 be held and applied for payment of the cost of improvement. The trust assets of which an owner is trustee under […]
§ 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 by the construction of a building thereon. (b) […]
§ 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 in subdivision one or subdivision two of section seventy-one, before payment or discharge of all trust claims with respect to the trust, is a […]
§ 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 for the diversion, a transferee named in a “Notice […]
§ 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 claims and to apply any trust asset to any purpose of the trust. 2. The authority of the trustee provided in […]
§ 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 required to keep in separate bank accounts or deposits the funds of the separate trusts of which […]
§ 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 trust claim became payable, and thereafter not oftener than once in each month, […]
§ 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 a beneficiary of the trust holding a trust claim, in a representative action brought for the benefit of all beneficiaries of the trust. An […]
§ 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 provided in articles two and three of this chapter) (a) execution upon the judgment shall not be levied upon any […]
§ 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 nor any satisfaction obtained thereby, shall be deemed a diversion of trust assets or an unauthorized preference. For the purposes of determining the share of […]
§ 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 application of trust funds received by the trustee as money or an instrument for the payment of money for any purpose other than […]
