§ 77. Action to enforce trust. 1. A trust arising under this article\nmay be enforced by the holder of any trust claim, including any person\nsubrogated to the right of a beneficiary of the trust holding a trust\nclaim, in a representative action brought for the benefit of all\nbeneficiaries of the trust. An action to enforce the trust may also be\nmaintained by the trustee. In any such action, except as otherwise\nprovided in this article, the practice, pleadings, forms and procedure\nshall conform as nearly as may be to the practice, pleadings, forms and\nprocedure in a class action as provided in article nine of the civil\npractice law and rules; provided, however, that in determining whether\nthe prerequisites of a class action have been satisfied, the provisions\nof paragraph one of subdivision (a) of section nine hundred one of such\nlaw and rules may be waived at the discretion of the court.\n 2. Such action may be maintained at any time during the improvement of\nreal property, or home improvement, or public improvement and successive\nactions may be maintained from time to time during the improvement\nprovided no other such action is pending at the time of the commencement\nthereof. No such action shall be maintainable if commenced more than one\nyear after the completion of such improvement or, in the case of\nsubcontractors or materialmen, after the expiration of one year from the\ndate on which final payment under the claimant's contract became due,\nwhichever is later, except an action by the trustee for final settlement\nof his accounts and for his discharge.\n 3. (a) The relief granted in any such action may include any or all of\nthe following:\n (i) Relief to compel an interim or final accounting by the trustee; to\nidentify and recover trust assets in the hands of any person together\nwith interest accrued thereon from the time of the diversion. Interest\nshall be computed at the rate equal to the underpayment rate set by the\ncommissioner of taxation and finance pursuant to subsection (e) of\nsection one thousand ninety-six of the tax law, minus four percentage\npoints; to set aside as a diversion any unauthorized payment, assignment\nor other transfer, whether voluntary or involuntary; to enjoin a\ndiversion; to recover damages for breach of trust or participation\ntherein;\n (ii) Enforcement on behalf of the trust of any right of action\nconstituting a trust asset;\n (iii) Determination of the existence and amount of any trust asset or\nof any trust claim;\n (iv) An order terminating or limiting the authority of the trustee in\nthe application of trust assets or of any trust asset, or directing the\ntime and manner of application of a trust asset or part thereof;\n (v) An order requiring the trustee to give security to ensure the\nproper distribution of the trust assets, either during the pendency of\nthe action or thereafter, or to furnish assurance therefor in any other\nmanner, if it appears that there is danger that such assets or asset\nwill be dissipated before judgment or diverted from trust purposes;\n (vi) An order for distribution of any trust assets available for\ndistribution, either with respect to the entire trust or with respect to\nparticular assets of the trust, or for retention of particular assets\nfor future distribution. Where the holder of any trust assets is a\ntrustee or a transferee who received the assets with the knowledge that\nthey were trust funds, an order for distribution and retention for\nfuture distribution of any trust assets shall include the amount of\ndiverted funds plus interest from the time of the diversion to the date\nof such order;\n (vii) Settlement of the interim or final account of the trustee;\n (viii) Final discharge of the trustee at the termination of the trust,\nor discharge of the trustee with respect to the application of specific\ntrust assets;\n (ix) Such other and further relief as to the court may seem necessary\nand proper;\n (x) Any p
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