Onondaga Commercial Dry Wall Corp. v. Sylvan Glen Co.

Defendant appeals from a judgment declaring that the sum of $385,000 alleged to have been received by it as proceeds of a building loan agreement is a trust fund pursuant to the provisions of article 3-A of the Lien Law, directing that defendant file an accounting with the court and take other procedural steps that in substance would make the fund available for payment not only of plaintiff’s claim but also unpaid claims of “ subcontractors, architects, engineers, surveyors, laborers, and materialmen who have participated in the improvement of the real property ” (46 Misc 2d 938, 941).

Defendan…