N.Y. Estates, Powers & Trusts Law § 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.