2012 New York Consolidated Laws
EPT - Estates, Powers & Trusts
Article 7 - TRUSTS
Part 1 - (7-1.1 - 7-1.19) RULES GOVERNING TRUSTS
7-1.3 - Purchase-money resulting trust abolished

 
  § 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.