2006 New York Code - Duration Of Trust For Benefit Of Creditors

 
  § 7-1.8 Duration of trust for benefit of creditors
    (a)  Where  an  estate in real property has heretofore vested or shall
  hereafter vest in an assignee  or  other  trustee  for  the  benefit  of
  creditors,  it  shall cease at the expiration of ten years from the time
  the trust was created, except where a different limitation is  contained
  in  the instrument creating the trust or is otherwise prescribed by law.
  Such estate shall thereupon revert to the assignor.
    (b) This section does not apply to a trust of personal property or  to
  a  trust  of  real  property created in connection with the salvaging of
  mortgage participation certificates. Nor does this  section  affect  any
  rights  to  the proceeds of a sale of real property made by the assignee
  or other trustee for the benefit of creditors.