N.Y. Estates, Powers & Trusts Law § 7-3.2: Bona fide purchasers and creditors protected

§ 7-3.2 Bona fide purchasers and creditors protected

An express trust not declared in the disposition to the trustee or an

implied or resulting trust does not defeat the title of a purchaser from

the trustee for value and without notice of the trust, or the rights of

a creditor who extended credit to the trustee in reliance upon his

apparent ownership of the trust property.