Section 359-L. Deposit of moneys by fiduciary

If a fiduciary makes a
  deposit in a bank to his personal credit of checks drawn by him upon  an
  account  against  which  he  is  empowered to sign as a fiduciary, or of
  checks drawn by him upon an account in the name of his principal  if  he
  is empowered to draw checks thereon, the bank receiving such deposit may
  assume,  if  acting  in  good  faith and without actual knowledge to the
  contrary, that the funds so deposited by  the  fiduciary  are  funds  to
  which  the  fiduciary  is personally entitled. Nothing contained in this
  section shall be deemed to modify or otherwise affect any  provision  of
  section  ninety-five  of  the negotiable instruments law, nor to relieve
  such bank from any liability imposed upon it by law to the extent of any
  payment or amount which such bank may receive for its benefit  from  any
  withdrawal or application of such funds so deposited.