N.Y. Lien Law § 74: Authority of trustee in administering trust funds

§ 74. Authority of trustee in administering trust funds. 1. Subject to

subdivisions two and three of this section, the trustee is authorized to

determine the order and manner of payment of any trust claims and to

apply any trust asset to any purpose of the trust.

2. The authority of the trustee provided in this section shall

terminate with respect to any trust assets as to which an order for

distribution is made as provided in section seventy-seven and before the

making of an order for distribution may be terminated or limited by

order of the court pursuant to subdivision three of section

seventy-seven.

3. This section does not limit the effect of any proceeding or order

therein by which jurisdiction of the trust assets, or any of them, is

vested in a court or by which a particular application of any asset or

of all trust assets is enforced or directed.