New York Laws
Article 3-A - Definition and Enforcement of Trusts
73 - Affirmative Defense in Action Against Transferee of Trust Assets or to Charge Trustee in Certain Cases; "Notice of lending."

(b) A notice filed pursuant to this section is effective for the
purposes of this section with respect to advances made on the day of
filing or subsequently, or made not more than five days before the date
of filing. The notice must contain: (1) a statement of the name and

address of the person making the advances, (2) a statement of the name
and address of the person to whom or on whose behalf they are made, and
whether he is owner, contractor or subcontractor, (3) in the case of
advances relating to one specific project for the improvement of real
property including a home improvement or one specific public
improvement, a description, sufficient for identification, of the
improvement and of the real property involved for which the advances are
made, and in the case of a notice of lending relating to several or
undetermined projects for the improvement of real property including a
home improvement or for public improvements, a statement of each county
wherein the real property is or may be situated, (4) the date of any
advance made on or before the date of filing for which the notice is
intended to be effective, (5) in the case of a notice of lending
relating to several or undetermined projects, the date the notice will
terminate, which termination date shall not be more than two years after
the date the notice is filed, and (6) the maximum balance of advances
outstanding to be permitted by the lender pursuant to the notice. If
real property is required to be specifically identified hereunder, the
identification shall be sufficient if it includes the name of the record
owner and the location of the real estate by street and number and town
or city or, if the real estate is in the city of New York, by county,
except that if the real estate is in the city of New York or counties of
Nassau or Onondaga, where the block system of recording or registering
and indexing conveyances is in use, the notice must also specify the
block in which the real estate is situated.
(c) A "Notice of Lending" may be continued in effect for advances made
beyond the stated termination date by filing within sixty days prior to
the termination date a subsequent notice entitled "Second Notice of
Lending" or "Third Notice of Lending", which identifies the prior notice
to which it relates and otherwise conforms to the requirements of
paragraph (b) of subdivision three of this section. The term "Notice of
Lending" as used in this section includes any amendments but if any
amendment increases the maximum balance of advances outstanding to be
permitted by the lender, it is effective as to the increased amount only
with respect to advances made not more than five days before the date of
filing the amended notice or thereafter.
(d) A "Notice of Assignment" meeting the requirements of subdivision
two of section fifteen of this chapter and filed pursuant to subdivision
one of said section shall be deemed for all purposes a "Notice of
Lending" complying with the requirements of this section.
4. Notwithstanding that the transferee, or the trustee, establishes a
defense as provided in subdivision one or subdivision two of this
section, he shall be allowed no credit by reason of such defense if it
is shown that a written demand by a trust beneficiary for a verified
statement of the amount of advances actually made to the trustee was
served personally or by registered or certified mail on the transferee,
or the trustee as the case may be, and that he failed to comply
therewith within ten days after receipt of the demand, provided, that if
either the transferee or the trustee complies with a demand so served on
him, such compliance shall be sufficient as to the other.
5. Notwithstanding any provision of this chapter or of any other law
to the contrary, moneys received pursuant to a notice of lending by an
owner, contractor or subcontractor shall be deemed to be trust assets.