2006 New York Code - Bonds; Legal Investments For Fiduciaries.

 
    §  1475-m.  Bonds; legal investments for fiduciaries. The bonds of the
  authority are hereby made securities in which all  public  officers  and
  bodies  of this state and all municipalities and municipal subdivisions,
  all insurance companies and associations and other persons  carrying  on
  an  insurance  business,  all  banks,  bankers, trust companies, savings
  banks and savings associations, including savings and loan associations,
  building and loan associations, investment companies and  other  persons
  carrying on a banking business, and all other persons whatsoever, except
  as  provided  in  this section, who are authorized to invest in bonds or
  other obligations of the state, may properly and  legally  invest  funds
  including  capital in their control or belonging to them; provided that,
  notwithstanding the provisions of any other general or  special  law  to
  the  contrary,  such  bonds  shall not be eligible for the investment of
  funds, including capital, of trusts, estates or guardianships under  the
  control of individual administrators, guardians, executors, trustees and
  other individual fiduciaries. Such bonds are also hereby made securities
  which may be deposited with and shall be received by all public officers
  and   bodies   of  this  state  and  all  municipalities  and  municipal
  subdivisions for any purpose for which the deposit  of  bonds  or  other
  obligations of this state is now or may hereafter be authorized.