{"data":{"id":"us-ny/n.y.-estates-powers-trusts-law-7-1.3","jurisdiction":"us-ny","citation":"N.Y. Estates, Powers \u0026 Trusts Law § 7-1.3","heading":"Purchase-money resulting trust abolished","body":"§ 7-1.3 Purchase-money resulting trust abolished\n  (a) A disposition of property to one person for a valuable\nconsideration paid, in whole or in part, by another is presumed\nfraudulent as against the creditors of the payor at the time of such\ndisposition and, unless the presumption is rebutted, a trust results in\nfavor of such creditors to the extent necessary to satisfy their claims;\nbut title to the property vests in the transferee and no trust results\nto the payor unless the transferee either:\n  (1) Takes such property, in his own name, as an absolute transfer\nwithout the consent or knowledge of the payor; or\n  (2) In violation of some trust, purchases the property so transferred\nwith money or property belonging to another.","path":["Estates, Powers \u0026 Trusts Law","Article 7. Trusts","Part 1. Rules Governing Trusts"],"source_url":"https://legislation.nysenate.gov/api/3/laws/EPT/7-1.3","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:44Z","sha256":"2ae126ebd9cbea8f4d279fd577b3a6bf47ffdc3e705792a73cb51f82253793f9","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-estates-powers-trusts-law-7-1.2","next":"us-ny/n.y.-estates-powers-trusts-law-7-1.4"},"notice":"GroundRules: Original legal text. Not legal advice."}