New York Consolidated Laws, Banking Law - BNK § 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.