New York Laws
Part 1 - Rules Governing Trusts
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.

Structure New York Laws