N.Y. LIE Law § 75 — New York Code / Act LIE / Article 3-A / Section 75
Deposit of funds of trust; books or records to be kept
Status: in_force

§ 75. Deposit of funds of trust; books or records to be kept. 1. If\nthe trustee deposits trust funds in a bank or other depositary they\nshall be deposited in his name.\n  The trustee shall not be required to keep in separate bank accounts or\ndeposits the funds of the separate trusts of which he may be trustee\nunder this article, provided his books of account shall clearly show the\nallocation to each trust of the funds deposited in his general or\nspecial bank account or accounts.\n  2. Every trustee shall keep books or records with respect to each\ntrust of which he is trustee and, if funds of separate trusts are\ndeposited in the same bank account, shall keep a record of such account\nshowing the allocation to each trust of the deposits therein and\nwithdrawals therefrom.\n  3. The books or records with respect to each trust shall contain the\nfollowing entries:\n  A. Trust assets receivable. (1) The name and address of each person\nfrom whom the trustee has a right to receive funds constituting assets\nof the trust, or will have a right to receive such funds upon or in the\ncourse of performance of a contract or subcontract or upon some other\ncondition, with a statement sufficient to identify the contract or other\ntransaction by reason of which such moneys will become payable; (2) the\namount of each payment or advance from each such person that has become\ndue or earned or otherwise payable; and (3) the date upon which it\nbecame due, earned or payable.\n  B. Trust accounts payable. (1) The name and address of each person to\nwhom the trustee has incurred an obligation constituting a trust claim,\nwhether or not such claim is then due, with a statement sufficient to\nidentify the contract or transaction out of which the trust claim\narises; (2) the amount of each trust claim that has become due, earned\nor otherwise payable; and (3) the date upon which it became due, earned\nor payable.\n  C. Trust funds received. (1) The name and address of each person from\nwhom funds constituting trust assets have been received in the form of\ncash, check or other instrument for the payment of money, bank credit or\ndrawing account, or similar form available for immediate application to\ntrust purposes, including any instrument in form payable to a trust\nbeneficiary and any moneys paid directly to a trust beneficiary on\nbehalf of the trustee, with a description of the form in which the funds\nwere received; (2) the date on which each payment or remittance from\nsuch person was received; (3) the amount received on such date; and (4)\nif such funds are deposited in a bank or other depositary, the name and\naddress of such bank or depositary.\n  D. Trust payments made with trust assets. (1) The name and address of\neach person to whom a payment for the purposes of the trust has been\nmade, with moneys or other assets constituting trust assets, including\npayments made directly to such person on behalf of the trustee by a\nperson from whom trust assets are receivable; (2) the date when and\nplace where each payment was made; (3) the amount paid on each of such\ndates and a statement whether the payment was made in cash or by check\nand the manner of payment if made by some other person on behalf of the\ntrustee; (4) with respect to each such payment a statement of the nature\nof the trust claim or if the owner is trustee the nature of the\nexpenditure other than payment of a trust claim, for which the payment\nis made, sufficient in any case to identify the payment as a payment for\na trust purpose and to show whether it is for labor, materials, taxes,\ninsurance, performance under contract or subcontract, interest charges\non mortgages, or other particular trust claim or item of cost of\nimprovement; (5) if any such payment was made pursuant to contract\nbetween the trustee and the recipient of the payment, the date when such\ncontract was made, whether it was oral or in writing, and the agreed\nprice named therein; (6) if any such payment upon a contract or\nsubcontract relates to a particular item or items of the improvement, or\nif any such payment for materials or services relates to materials\nfurnished, or services, other than daily or weekly labor, rendered for\nor upon a particular item or items of the improvement, a description of\nsuch item or items; (7) if any such payment was made with funds received\nunder an assignment of funds due or earned or to become due or earned\nunder the contract or subcontract, a statement of the amount of such\nfunds so used together with the name and address of the assignee and the\ndate of the assignment.\n  E. Transfers in repayment of or to secure advances made pursuant to a\n"Notice of Lending." If the trustee has assigned, paid or otherwise\ntransferred any trust asset in consideration of or as security for or in\nrepayment of advances applied or to be applied for a purpose or purposes\nof the trust, (1) the name and address of the person to whom the asset\nwas so transferred; (2) the date of the transfer; (3) a description of\nthe asset transferred; (4) the amount thereof; (5) the amount of the\nconsideration therefor or of the advances secured or repaid thereby; (6)\nthe date or dates when such consideration was paid or such advances were\nmade and the manner in which the payment or advance was made.\n  4. Failure of the trustee to keep the books or records required by\nthis section shall be presumptive evidence that the trustee has applied\nor consented to the application of trust funds actually received by him\nas money or an instrument for the payment of money for purposes other\nthan a purpose of the trust as specified in section seventy-one of this\nchapter.\n