The two mortgages that are the subject of this proceeding were obtained for the purpose of acquiring property and air rights, respectively. Neither contains an express promise by respondent to improve property. Accordingly, no funds were received by respondent "under or in connection with a contract for an improvement of real property," as required by Lien Law § 70 (1), and petitioner has not established that the trust provisions of Lien Law article 3-A are applicable...
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