N.Y. Real Property Law § 402: Fraud; notice only by registration

§ 402. Fraud; notice only by registration. Except in case of fraud and

except also as herein otherwise provided, no person taking a transfer of

any registered real property or of any estate or interest therein or

lien or charge thereon from the registered owner shall be required to

inquire into the circumstances under which, or the consideration for

which such owner or any previously registered owner had the title

registered, nor shall such transferee be affected with notice, actual or

constructive, of any unregistered trust, lien, claim, demand or interest

whatever; and the knowledge that an unregistered trust, lien, claim,

demand or interest is in existence shall not of itself be imputed or

treated as fraud.