Statute · New York Estates, Powers & Trusts Law
N.Y. Est. Powers & Trusts Law § 7-1.3 — Purchase-money resulting trust abolished
N.Y. Est. Powers & Trusts Law § 7-1.3
- Type
- Statute
- Source
- New York Estates, Powers & Trusts Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 7-1.3 Purchase-money resulting trust abolished
Citator
N.Y. Est. Powers & Trusts Law § 7-1.3 — Purchase-money resulting trust abolished is in force in the current edition of the Code, and nothing recorded condemns it.
§ 7-1.3 Purchase-money resulting trust abolished
(a) A disposition of property to one person for a valuable consideration paid, in whole or in part, by another is presumed fraudulent as against the creditors of the payor at the time of such disposition and, unless the presumption is rebutted, a trust results in favor of such creditors to the extent necessary to satisfy their claims; but title to the property vests in the transferee and no trust results to the payor unless the transferee either:
(1) Takes such property, in his own name, as an absolute transfer without the consent or knowledge of the payor; or
(2) In violation of some trust, purchases the property so transferred with money or property belonging to another.