§ 756-d. Exceptions for failure of lender to disburse funds. The date
of payment required by the owner, the contractor and/or subcontractor
pursuant to section seven hundred fifty-six-a of this article, shall be
extended to the seventh day after the owner, contractor or
subcontractor, as the case may be, receives loan proceeds necessary to
make such payment in the event that:

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.