N.Y. Debtor & Creditor Law § 214

§ 214. Effect of order. Upon such order being granted, such trustee\nshall be discharged from the trust reposed in him, and his power and\nauthority shall thereupon cease; but he shall, notwithstanding, remain\nsubject to any liability he may have incurred, at any time previous to\nthe granting of such order, in the management of his trust.\n