N.Y. Banking Law § 552

§ 552. Accountability. A mutual trust investment company shall not be\nresponsible for ascertaining the investment powers of any fiduciary who\nmay purchase its stocks or shares and shall not be liable for accepting\nfunds from a fiduciary in violation of the restrictions in any will,\ndeed or other instrument in the absence of actual knowledge of such\nviolation, and shall be accountable only to the fiduciaries who are the\nowners of its stocks or shares.\n