New York § 7-1.8 Duration of trust for benefit of creditors

New York Statutes

§ 7-1.8 — Duration of trust for benefit of creditors

New York § 7-1.8

Law EPTEstates, Powers & Trusts

Part 1Rules Governing Trusts

Art. 7Trusts

This text of New York § 7-1.8 (Duration of trust for benefit of creditors) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Estates, Powers & Trusts § 7-1.8 (2026).

Text

§ 7-1.8 Duration of trust for benefit of creditors\n  (a) Where an estate in real property has heretofore vested or shall\nhereafter vest in an assignee or other trustee for the benefit of\ncreditors, it shall cease at the expiration of ten years from the time\nthe trust was created, except where a different limitation is contained\nin the instrument creating the trust or is otherwise prescribed by law.\nSuch estate shall thereupon revert to the assignor.\n  (b) This section does not apply to a trust of personal property or to\na trust of real property created in connection with the salvaging of\nmortgage participation certificates. Nor does this section affect any\nrights to the proceeds of a sale of real property made by the assignee\nor other trustee for the benefit of creditors.\n

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§ 7-1.8 Duration of trust for benefit of creditors\n (a) Where an estate in real property has heretofore vested or shall\nhereafter vest in an assignee or other trustee for the benefit of\ncreditors, it shall cease at the expiration of ten years from the time\nthe trust was created, except where a different limitation is contained\nin the instrument creating the trust or is otherwise prescribed by law.\nSuch estate shall thereupon revert to the assignor.\n (b) This section does not apply to a trust of personal property or to\na trust of real property created in connection with the salvaging of\nmortgage participation certificates. Nor does this section affect any\nrights to the proceeds of a sale of real property made by the assignee\nor other trustee for the benefit of creditors.\n