N.Y. Est. Powers & Trusts Law § 7-1.3

§ 7-1.3 Purchase-money resulting trust abolished\n (a) A disposition of property to one person for a valuable\nconsideration paid, in whole or in part, by another is presumed\nfraudulent as against the creditors of the payor at the time of such\ndisposition and, unless the presumption is rebutted, a trust results in\nfavor of such creditors to the extent necessary to satisfy their claims;\nbut title to the property vests in the transferee and no trust results\nto the payor unless the transferee either:\n (1) Takes such property, in his own name, as an absolute transfer\nwithout the consent or knowledge of the payor; or\n (2) In violation of some trust, purchases the property so transferred\nwith money or property belonging to another.\n