2023 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.