N.Y. Real Prop. Acts. Law § 402

§ 402. Fraud; notice only by registration. Except in case of fraud and\nexcept also as herein otherwise provided, no person taking a transfer of\nany registered real property or of any estate or interest therein or\nlien or charge thereon from the registered owner shall be required to\ninquire into the circumstances under which, or the consideration for\nwhich such owner or any previously registered owner had the title\nregistered, nor shall such transferee be affected with notice, actual or\nconstructive, of any unregistered trust, lien, claim, demand or interest\nwhatever; and the knowledge that an unregistered trust, lien, claim,\ndemand or interest is in existence shall not of itself be imputed or\ntreated as fraud.\n