Fasano v. Digiacomo

3 Citing cases

  1. SETTLEMENT FUNDING v. AXA EQUITABLE LIFE INSURANCE CO

    06 CV 5743 (HB) (S.D.N.Y. Sep. 30, 2010)   Cited 6 times

    These strict requirements were imposed in 1997 in recognition that adherence to formality "reduces substantially the potential for foul play." Fasano v. DiGiacomo, 49 A.D.3d 683, 685 (2d Dept. 2008) (quoting Senate Introducer Mem. in Support, Bill Jacket, L. 1997, ch. 139, at 8). If the formalities are not observed, a valid trust is not formed, and subsequent transactions entered into by the invalid trust may be declared null and void.

  2. Geltzer v. Balgobin (In re Balgobin)

    490 B.R. 13 (Bankr. E.D.N.Y. 2013)   Cited 8 times
    Reviewing constructive trust cases within the Second Circuit and elsewhere

    The New York legislature established formal requirements for lifetime trusts in 1997, including that a lifetime trust in personal property be in writing. See Fasano v. DiGiacomo, 49 A.D.3d 683, 853 N.Y.S.2d 657, 659 (2d Dep't 2008) ( citing Practice Commentaries to EPTL 7–1.17); see alsoRestatement (Third) of Trusts § 20 (2003). In affidavits submitted in support of the motion to impose a constructive trust, the Debtor and Defendant allege that the Defendant “allowed” title to the Vehicle to be in the Debtor's name “on [the] basis of a relationship of trust and confidence,” and that Defendant “fully performed his end of the agreement, having made ALL payments for the purchase of the Vehicle and having fully paid the Note on the Vehicle.”

  3. In re McQuade

    2017 N.Y. Slip Op. 31760 (N.Y. Surr. Ct. 2017)

    When a grantor fails to complete the formalities associated with setting up a trust, a valid trust is not created (see Gaines v City of New York et.al, 137 AD3d 673,674 [1st Dept 2016]). Where no valid trust was created, any transfer into or out of the putative trust is null and void (Fasano v DiGiacomo, 49 AD3d 683,685 [2d Dept 2008]).