N.Y. Estates, Powers and Trusts Law 13-3.6 – Disaffirmance of fraudulent acts by personal representative and
§ 13-3.6 Disaffirmance of fraudulent acts by personal representative and
Terms Used In N.Y. Estates, Powers and Trusts Law 13-3.6
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Fiduciary: A trustee, executor, or administrator.
- Fraud: Intentional deception resulting in injury to another.
others
A fiduciary may, for the benefit of creditors or others interested in property held in trust, treat as void any act done, or disposition or agreement made in fraud of the rights of any creditor, including himself, interested in such property, and a person who fraudulently receives, takes or in any manner interferes with the property of a deceased or insolvent person is liable to such fiduciary or a receiver for such property or the value thereof, and for all damages caused by such act to the trust estate. A creditor of a deceased insolvent debtor, having a claim against the estate of such debtor exceeding in amount the sum of one hundred dollars may, without obtaining a judgment on such claim, in like manner, for the benefit of himself and other creditors interested in such property, treat as void any act done or disposition or agreement made in fraud of creditors or maintain an action to set aside such act, disposition or agreement. Such claim, if disputed, may be established in such action. The judgment in such action may provide for the sale of the property involved, when a disposition thereof is set aside, and for the payment of the proceeds thereof into the appropriate surrogate's court to be administered according to law.