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.
Structure New York Laws
EPT - Estates, Powers and Trusts
Part 3 - Rights of Purchasers, Creditors and Other Persons
7-3.1 - Disposition in Trust for Creator Void as Against Creditors
7-3.2 - Bona Fide Purchasers and Creditors Protected
7-3.3 - Person Paying Money to the Trustee Protected
7-3.4 - Excess Income From Trust Property Subject to Creditors' Claims
7-3.5 - Rights of Creditors to Obtain Information Concerning Beneficiaries