EPTL 7-1.3 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7-1.2 Trustee of passive trust not to take up PART 1 Rules Governing Trusts next SECTION 7-1.4 Purposes for which trust may be created Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7-1.3 Purchase-money resulting trust abolished Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 7, PART 1 § 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.