N.Y. Lien Law 78 – Relief after judgment on obligation constituting trust claim
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§ 78. Relief after judgment on obligation constituting trust claim. If a trust beneficiary shall recover judgment against the trustee upon the obligation constituting the trust claim: (except in the enforcement of a lien as provided in articles two and three of this chapter)
Terms Used In N.Y. Lien Law 78
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
(a) execution upon the judgment shall not be levied upon any trust asset;
(b) to the extent of trust assets affected by proceedings to enforce the judgment, the proceedings shall be deemed to be for the benefit of all trust beneficiaries who would, at the time the proceeding is instituted, be entitled to maintain an action to enforce the trust, and the provisions of section seventy-seven of this chapter shall apply in any such proceedings.