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2016 New York Laws
BNK - Banking
Article 12-A - (Banking) MUTUAL TRUST INVESTMENT COMPANIES
552 - Accountability.

NY Banking L § 552 (2016) What's This?
 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.

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