N.Y. Estates, Powers and Trusts Law 7-3.3 – Person paying money to the trustee protected
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§ 7-3.3 Person paying money to the trustee protected
Terms Used In N.Y. Estates, Powers and Trusts Law 7-3.3
- Trustee: A person or institution holding and administering property in trust.
A person who in good faith transfers money or property to a trustee is not responsible for the proper application of such money or property; and any right or title derived by him from the trustee in consideration of such transfer is not affected by the trustee's misapplication of such money or property.