NY Lien L § 75 (2021)
2021 New York Laws LIE - Lien Article 3-A - Definition and Enforcement of Trusts 75 - Deposit of Funds of Trust; Books or Records to Be Kept.

§  75.  Deposit  of funds of trust; books or records to be kept. 1. If   the trustee deposits trust funds in a  bank  or  other  depositary  they   shall be deposited in his name.The trustee shall not be required to keep in separate bank accounts or   deposits  the  funds  of  the separate trusts of which he may be trustee   under this article, provided his books of account shall clearly show the   allocation to each trust of  the  funds  deposited  in  his  general  or   special bank account or accounts.2.  Every  trustee  shall  keep  books or records with respect to each   trust of which he is trustee  and,  if  funds  of  separate  trusts  are   deposited  in the same bank account, shall keep a record of such account   showing the allocation  to  each  trust  of  the  deposits  therein  and   withdrawals therefrom.3.  The  books or records with respect to each trust shall contain the   following entries:A. Trust assets receivable. (1) The name and address  of  each  person   from  whom  the trustee has a right to receive funds constituting assets   of the trust, or will have a right to receive such funds upon or in  the   course  of  performance  of a contract or subcontract or upon some other   condition, with a statement sufficient to identify the contract or other   transaction by reason of which such moneys will become payable; (2)  the   amount  of each payment or advance from each such person that has become   due or earned or otherwise payable; and  (3)  the  date  upon  which  it   became due, earned or payable.B.  Trust accounts payable. (1) The name and address of each person to   whom the trustee has incurred an obligation constituting a trust  claim,   whether  or  not  such claim is then due, with a statement sufficient to   identify the contract or  transaction  out  of  which  the  trust  claim   arises;  (2)  the amount of each trust claim that has become due, earned   or otherwise payable; and (3) the date upon which it became due,  earned   or payable.C.  Trust funds received. (1) The name and address of each person from   whom funds constituting trust assets have been received in the  form  of   cash, check or other instrument for the payment of money, bank credit or   drawing  account, or similar form available for immediate application to   trust purposes, including any instrument in  form  payable  to  a  trust   beneficiary  and  any  moneys  paid  directly  to a trust beneficiary on   behalf of the trustee, with a description of the form in which the funds   were received; (2) the date on which each  payment  or  remittance  from   such  person was received; (3) the amount received on such date; and (4)   if such funds are deposited in a bank or other depositary, the name  and   address of such bank or depositary.D.  Trust payments made with trust assets. (1) The name and address of   each person to whom a payment for the purposes of  the  trust  has  been   made,  with  moneys or other assets constituting trust assets, including   payments made directly to such person on behalf  of  the  trustee  by  a   person  from  whom  trust  assets  are receivable; (2) the date when and   place where each payment was made; (3) the amount paid on each  of  such   dates  and  a statement whether the payment was made in cash or by check   and the manner of payment if made by some other person on behalf of  the   trustee; (4) with respect to each such payment a statement of the nature   of  the  trust  claim  or  if  the  owner  is  trustee the nature of the   expenditure other than payment of a trust claim, for which  the  payment   is made, sufficient in any case to identify the payment as a payment for   a  trust  purpose and to show whether it is for labor, materials, taxes,   insurance, performance under contract or subcontract,  interest  charges   on  mortgages,  or  other  particular  trust  claim  or  item of cost of   improvement; (5) if any such  payment  was  made  pursuant  to  contract    between the trustee and the recipient of the payment, the date when such   contract  was  made,  whether  it was oral or in writing, and the agreed   price named therein;  (6)  if  any  such  payment  upon  a  contract  or   subcontract relates to a particular item or items of the improvement, or   if  any  such  payment  for  materials  or services relates to materials   furnished, or services, other than daily or weekly labor,  rendered  for   or  upon a particular item or items of the improvement, a description of   such item or items; (7) if any such payment was made with funds received   under an assignment of funds due or earned or to become  due  or  earned   under  the  contract  or  subcontract, a statement of the amount of such   funds so used together with the name and address of the assignee and the   date of the assignment.E. Transfers in repayment of or to secure advances made pursuant to  a   "Notice  of  Lending."  If  the  trustee has assigned, paid or otherwise   transferred any trust asset in consideration of or as security for or in   repayment of advances applied or to be applied for a purpose or purposes   of the trust, (1) the name and address of the person to whom  the  asset   was  so  transferred; (2) the date of the transfer; (3) a description of   the asset transferred; (4) the amount thereof; (5)  the  amount  of  the   consideration therefor or of the advances secured or repaid thereby; (6)   the date or dates when such consideration was paid or such advances were   made and the manner in which the payment or advance was made.4.  Failure  of  the  trustee to keep the books or records required by   this section shall be presumptive evidence that the trustee has  applied   or  consented to the application of trust funds actually received by him   as money or an instrument for the payment of money  for  purposes  other   than  a purpose of the trust as specified in section seventy-one of this   chapter.