2006 New York Code - Bonds Legal Investments For Fiduciaries.

 
    §  1949.  Bonds  legal investments for fiduciaries.   The bonds of the
  authority are hereby made securities in which all public  officials  and
  bodies  of the state and all municipalities, 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 administrators, guardians, executors, trustees and other fiduciaries
  and all other persons whatsoever,  who  are  not  or  may  hereafter  be
  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.  Notwithstanding any inconsistent provision of law,
  the bonds are also hereby made securities which may  be  deposited  with
  and  may be received by all public officers and bodies of this state and
  all municipalities for any purposes for which the deposit  of  bonds  or
  other obligations of this state is now or hereafter may be authorized.