Section 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.