N.Y. U.C.C. 7-404

Section 7--404. No Liability for Good-Faith Delivery Pursuant to\n Document of Title.\n A bailee that in good faith has received goods and delivered or\notherwise disposed of the goods according to the terms of a document of\ntitle or pursuant to this article is not liable for the goods even if:\n (1) the person from which the bailee received the goods did not have\nauthority to procure the document or to dispose of the goods; or\n (2) the person to which the bailee delivered the goods did not have\nauthority to receive the goods.\n