N.Y. Lien Law Section 74
Authority of trustee in administering trust funds

1.

Subject to subdivisions two and three of this section, the trustee is authorized to determine the order and manner of payment of any trust claims and to apply any trust asset to any purpose of the trust.

2.

The authority of the trustee provided in this section shall terminate with respect to any trust assets as to which an order for distribution is made as provided in section seventy-seven and before the making of an order for distribution may be terminated or limited by order of the court pursuant to subdivision three of section seventy-seven.

3.

This section does not limit the effect of any proceeding or order therein by which jurisdiction of the trust assets, or any of them, is vested in a court or by which a particular application of any asset or of all trust assets is enforced or directed.

Source: Section 74 — Authority of trustee in administering trust funds, https://www.­nysenate.­gov/legislation/laws/LIE/74 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 74’s source at nysenate​.gov

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