§ 76 — Right of beneficiaries to examine books or records and make copies, or to receive statement

New York § 76

• Jurisdiction: New York
• Law LIE: Lien
• Art. 3-A: Definition and Enforcement of Trusts

Text

§ 76. Right of beneficiaries to examine books or records and make\ncopies, or to receive statement. 1. Any beneficiary of the trust holding\na trust claim shall be entitled, upon request, after the expiration of\nthirty days from the date his trust claim became payable, and thereafter\nnot oftener than once in each month, (a) to examine the books or records\nof the trustee with respect to the trust, and to make copies of any part\nor parts thereof relating to the trust; or (b) at the beneficiary's\noption to receive a verified statement setting forth the entries with\nrespect to the trust contained in such books or records.\n 2. Request for such examination and to make such copies, or for such\nverified statement, shall be made in writing served personally or by\nregistered or certified mail. The request shall contain a statement of\nthe name and address of the beneficiary, a description of the\nimprovement of real property, or home improvement, or the public\nimprovement sufficient to identify it and to identify the trust, and a\nstatement of the nature of the trust claim sufficient to identify it,\nthe amount then due and unpaid, and the due date thereof.\n 3. Unless otherwise agreed, the examination and copying shall be had\nwithin ten days after service of the request, at a place within the\ncounty in which the improvement, or home improvement, or public\nimprovement is situated, designated by the trustee within such ten days,\nand at a time during usual business hours, so designated by the trustee.\nThe examination and copying may be made by the beneficiary or by his\nagent duly authorized in writing.\n 4. Within ten days after service of a request for a verified\nstatement, the trustee shall serve upon the beneficiary named in the\nrequest a statement, subscribed by the trustee or an officer thereof and\nverified on his own knowledge, setting forth the entries with respect to\nthe trust contained in the books or records kept by the trustee pursuant\nto section seventy-five and the names and addresses of the person or\npersons who, on behalf of or as officer, director or agent of the\ntrustee, made or consented to the making of the payments shown in such\nstatement.\n 5. A trustee to whom a request is made for examination of books or\nrecords and for copying therefrom or for a verified statement of entries\nin books or records may apply to any court having jurisdiction of an\naction to enforce the trust, to vacate such request on the ground that\nthe person making the request is not entitled to such examination and\ncopying or to receive such verified statement. If a trustee on whom a\nrequest for examination and copying or for a verified statement is\nserved as provided in this section shall refuse to comply therewith or\nshall fail to comply therewith within ten days, or shall apply to the\ncourt for an order to vacate the request, the beneficiary may apply to\nsuch court for an order directing that the trustee comply with the\nrequest. Such application may be made in either case on three days'\nnotice and may be determined summarily upon affidavits of the parties.\n 6. This section does not limit the power of the court in an action\npursuant to section seventy-seven of this chapter or in any other action\nor proceeding affecting trust assets or involving trust claims or the\nadministration of the trust, to give directions with respect to\nproduction or examination of any books or records of the trustee.\n