What is New York’s Lien Law Section 76?
Pursuant to Lien Law Section 76, a beneficiary of a trust may, after thirty days of an unpaid trust claim, serve a demand requiring the trustee to verify the entries on the books and records of the trust. By law, the trustee must provide the verified statement within ten days of the time that the demand was served.Legacy embedded presentation removed: The old external embed has been removed because it blocks crawlers. For current guidance, see our Article 3-A trust fund and Lien Law Section 76 guidance.
What Information is Required to Satisfy Lien Law Section 76?
When a trustee responds to a Section 76 demand it should identify all of the information required to be kept in the books and records of the trust pursuant to Lien Law Section 75. This information includes each payment received in the trust, each payment made from the trust, the amount, date and reason for each payment and the identity of each payee.
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