2006 New York Code - 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.