N.Y. Uniform Commercial Code Law § 9-107b: No Requirement to Acknowledge or Confirm; No Duties

Section 9--107B. No Requirement to Acknowledge or Confirm; No Duties.

(a) No requirement to acknowledge. A person that has control under

Section 9--104, 9--105, or 9--105A is not required to acknowledge that

it has control on behalf of another person.

(b) No duties or confirmation. If a person acknowledges that it has or

will obtain control on behalf of another person, unless the person

otherwise agrees or law other than this article otherwise provides, the

person does not owe any duty to the other person and is not required to

confirm the acknowledgment to any other person.