N.Y. Lien Law § 75 (2026)

§ 75. Deposit of funds of trust; books or records to be kept. 1. If
the trustee deposits trust funds in a bank or other depositary they
shall be deposited in his name.
  The trustee shall not be required to keep in separate bank accounts or
deposits the funds of the separate trusts of which he may be trustee
under this article, provided his books of account shall clearly show the
allocation to each trust of the funds deposited in his general or
special bank account or accounts.
  2. Every trustee shall keep books or records with respect to each
trust of which he is trustee and, if funds of separate trusts are
deposited in the same bank account, shall keep a record of such account
showing the allocation to each trust of the deposits therein and
withdrawals therefrom.
  3. The books or records with respect to each trust shall contain the
following entries:
  A. Trust assets receivable. (1) The name and address of each person
from whom the trustee has a right to receive funds constituting assets
of the trust, or will have a right to receive such funds upon or in the
course of performance of a contract or subcontract or upon some other
condition, with a statement sufficient to identify the contract or other
transaction by reason of which such moneys will become payable; (2) the
amount of each payment or advance from each such person that has become
due or earned or otherwise payable; and (3) the date upon which it
became due, earned or payable.
  B. Trust accounts payable. (1) The name and address of each person to
whom the trustee has incurred an obligation constituting a trust claim,
whether or not such claim is then due, with a statement sufficient to
identify the contract or transaction out of which the trust claim
arises; (2) the amount of each trust claim that has become due, earned
or otherwise payable; and (3) the date upon which it became due, earned
or payable.
  C. Trust funds received. (1) The name and address of each person from
whom funds constituting trust assets have been received in the form of
cash, check or other instrument for the payment of money, bank credit or
drawing account, or similar form available for immediate application to
trust purposes, including any instrument in form payable to a trust
beneficiary and any moneys paid directly to a trust beneficiary on
behalf of the trustee, with a description of the form in which the funds
were received; (2) the date on which each payment or remittance from
such person was received; (3) the amount received on such date; and (4)
if such funds are deposited in a bank or other depositary, the name and
address of such bank or depositary.
  D. Trust payments made with trust assets. (1) The name and address of
each person to whom a payment for the purposes of the trust has been
made, with moneys or other assets constituting trust assets, including
payments made directly to such person on behalf of the trustee by a
person from whom trust assets are receivable; (2) the date when and
place where each payment was made; (3) the amount paid on each of such
dates and a statement whether the payment was made in cash or by check
and the manner of payment if made by some other person on behalf of the
trustee; (4) with respect to each such payment a statement of the nature
of the trust claim or if the owner is trustee the nature of the
expenditure other than payment of a trust claim, for which the payment
is made, sufficient in any case to identify the payment as a payment for
a trust purpose and to show whether it is for labor, materials, taxes,
insurance, performance under contract or subcontract, interest charges
on mortgages, or other particular trust claim or item of cost of
improvement; (5) if any such payment was made pursuant to contract
between the trustee and the recipient of the payment, the date when such
contract was made, whether it was oral or in writing, and the agreed
price named therein; (6) if any such payment upon a contract or
subcontract relates to a particular item or items of the improvement, or
if any such payment for materials or services relates to materials
furnished, or services, other than daily or weekly labor, rendered for
or upon a particular item or items of the improvement, a description of
such item or items; (7) if any such payment was made with funds received
under an assignment of funds due or earned or to become due or earned
under the contract or subcontract, a statement of the amount of such
funds so used together with the name and address of the assignee and the
date of the assignment.
  E. Transfers in repayment of or to secure advances made pursuant to a
"Notice of Lending." If the trustee has assigned, paid or otherwise
transferred any trust asset in consideration of or as security for or in
repayment of advances applied or to be applied for a purpose or purposes
of the trust, (1) the name and address of the person to whom the asset
was so transferred; (2) the date of the transfer; (3) a description of
the asset transferred; (4) the amount thereof; (5) the amount of the
consideration therefor or of the advances secured or repaid thereby; (6)
the date or dates when such consideration was paid or such advances were
made and the manner in which the payment or advance was made.
  4. Failure of the trustee to keep the books or records required by
this section shall be presumptive evidence that the trustee has applied
or consented to the application of trust funds actually received by him
as money or an instrument for the payment of money for purposes other
than a purpose of the trust as specified in section seventy-one of this
chapter.