BREAKING GROUND

Trends In New York Construction Law

02
FEB
2016

Under New York State’s Trust Fund Statute Failure to Provide a Proper Verified Statement Sufficient to Establish Liability for Improper Diversion of Trust Assets

Article 3-A (Lien Law § 70, et seq.) creates a statutory trust for funds received by owners in connection with an improvement of real property in New York State. The intent of the statute is to ensure that trust fund beneficiaries, including subcontractors, suppliers and...