New York Consolidated Laws, General Business Law - GBS § 756-d. Exceptions for failure of lender to disburse funds

1. the owner, contractor or subcontractor, as the case may be, has obtained a loan intended to pay for all or part of the construction contract;

2. the owner, contractor or subcontractor, as the case may be, has timely requested disbursement of proceeds from that loan;  and

3. the lender is legally obligated to disburse such proceeds to the owner, contractor or subcontractor, as the case may be, but has failed to do so in a timely manner.