N.Y. Est. Powers & Trusts Law § 7-3.2

§ 7-3.2 Bona fide purchasers and creditors protected\n An express trust not declared in the disposition to the trustee or an\nimplied or resulting trust does not defeat the title of a purchaser from\nthe trustee for value and without notice of the trust, or the rights of\na creditor who extended credit to the trustee in reliance upon his\napparent ownership of the trust property.\n