N.Y.
Lien Law Section 76
Right of beneficiaries to examine books or records and make copies, or to receive statement
1.
Any beneficiary of the trust holding a trust claim shall be entitled, upon request, after the expiration of thirty days from the date his trust claim became payable, and thereafter not oftener than once in each month, (a) to examine the books or records of the trustee with respect to the trust, and to make copies of any part or parts thereof relating to the trust; or(b)
at the beneficiary’s option to receive a verified statement setting forth the entries with respect to the trust contained in such books or records.2.
Request for such examination and to make such copies, or for such verified statement, shall be made in writing served personally or by registered or certified mail. The request shall contain a statement of the name and address of the beneficiary, a description of the improvement of real property, or home improvement, or the public improvement sufficient to identify it and to identify the trust, and a statement of the nature of the trust claim sufficient to identify it, the amount then due and unpaid, and the due date thereof.3.
Unless otherwise agreed, the examination and copying shall be had within ten days after service of the request, at a place within the county in which the improvement, or home improvement, or public improvement is situated, designated by the trustee within such ten days, and at a time during usual business hours, so designated by the trustee. The examination and copying may be made by the beneficiary or by his agent duly authorized in writing.4.
Within ten days after service of a request for a verified statement, the trustee shall serve upon the beneficiary named in the request a statement, subscribed by the trustee or an officer thereof and verified on his own knowledge, setting forth the entries with respect to the trust contained in the books or records kept by the trustee pursuant to section seventy-five and the names and addresses of the person or persons who, on behalf of or as officer, director or agent of the trustee, made or consented to the making of the payments shown in such statement.5.
A trustee to whom a request is made for examination of books or records and for copying therefrom or for a verified statement of entries in books or records may apply to any court having jurisdiction of an action to enforce the trust, to vacate such request on the ground that the person making the request is not entitled to such examination and copying or to receive such verified statement. If a trustee on whom a request for examination and copying or for a verified statement is served as provided in this section shall refuse to comply therewith or shall fail to comply therewith within ten days, or shall apply to the court for an order to vacate the request, the beneficiary may apply to such court for an order directing that the trustee comply with the request. Such application may be made in either case on three days’ notice and may be determined summarily upon affidavits of the parties.6.
This section does not limit the power of the court in an action pursuant to section seventy-seven of this chapter or in any other action or proceeding affecting trust assets or involving trust claims or the administration of the trust, to give directions with respect to production or examination of any books or records of the trustee.
Source:
Section 76 — Right of beneficiaries to examine books or records and make copies, or to receive statement, https://www.nysenate.gov/legislation/laws/LIE/76 (updated Sep. 22, 2014; accessed Apr. 20, 2024).
