York Corp. v. 1955 Associates, Inc.

Resettled order, entered January 21, 1963, granting plaintiff supplier summary judgment and impressing a trust on certain funds, unanimously reversed on the law, without costs, and the motion for summary judgment denied. Under the Lien Law a trust may not be impressed for the benefit of plaintiff supplier, because the settlement fund does not qualify as moneys received in trust under any of the provisions of the statute (see Lien Law, § 70, subd. 5). The settlement fund results from payment by the surety on a bond which guaranteed payment by the tenant of its share of the construction costs.…