N.Y. Banking Law § 552: Accountability

§ 552. Accountability. A mutual trust investment company shall not be

responsible for ascertaining the investment powers of any fiduciary who

may purchase its stocks or shares and shall not be liable for accepting

funds from a fiduciary in violation of the restrictions in any will,

deed or other instrument in the absence of actual knowledge of such

violation, and shall be accountable only to the fiduciaries who are the

owners of its stocks or shares.