7-3.2 - Bona fide purchasers and creditors protected - New York Statutes

§ 7-3.2 Bona fide purchasers and creditors protected An express trust not declared in the disposition to the trustee or an implied or resulting trust does not defeat the title of a purchaser from the trustee for value and without notice of the trust, or the rights of a creditor who extended credit to the trustee in reliance upon his apparent ownership of the trust property.