In Grace v. Corn Exch. Bank Trust Co. (287 NY 94 [1941] the court stated it must be constantly borne in mind that a bank is under no duty to protect an estate from possible embezzlement by a fiduciary, and that in order to establish liability on the bank it must be proven that it gave the wrongdoer such assistance as would make it a participant in the wrong. Mere proof that the bank failed in using care is insufficient; it must knowingly assist the fiduciary in committing the wrong.