N.Y. U.C.C. 4-a-212

Section 4-A-212. Liability and Duty of Receiving Bank Regarding\n Unaccepted Payment Order.\n If a receiving bank fails to accept a payment order that it is obliged\nby express agreement to accept, the bank is liable for breach of the\nagreement to the extent provided in the agreement or in this Article,\nbut does not otherwise have any duty to accept a payment order or,\nbefore acceptance, to take any action, or refrain from taking action,\nwith respect to the order except as provided in this Article or by\nexpress agreement. Liability based on acceptance arises only when\nacceptance occurs as stated in Section 4-A-209, and liability is limited\nto that provided in this Article. A receiving bank is not the agent of\nthe sender or beneficiary of the payment order it accepts, or of any\nother party to the funds transfer, and the bank owes no duty to any\nparty to the funds transfer except as provided in this Article or by\nexpress agreement.\n