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ASPRO CONTR. v. FLEET BANK

293 A.D.2d 97 (2002)

742 N.Y.S.2d 361

ASPRO MECHANICAL CONTRACTING, INC., et al., Respondents, v. FLEET BANK, N.A., Appellant.

Appellate Division of the Supreme Court of the State of New York, Second Department.

May 20, 2002.

Attorney(s) appearing for the Case

Cleary, Gottlieb, Steen & Hamilton, New York City (George Weisz of counsel), for appellant.

Zisholtz & Zisholtz, LLP, Mineola (Stuart S. Zisholtz and Gerald Zisholtz of counsel), for respondents.

FLORIO, J.P., McGINITY and SCHMIDT, JJ., concur.

OPINION OF THE COURT

LUCIANO, J.

A lender who takes an assignment of a contract to improve and convey real property as security for a building loan can be held liable as a trustee under Lien Law article 3-A for the claims of subcontractors if it receives direct payment of the sale proceeds pursuant to the assignment and applies those proceeds to repayment of the loan it made to the owner of the property.

The salient facts are undisputed. Berry Street...

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