2014 New York Laws
BNK - Banking
Article 3 - (94 - 140-A) BANKS AND TRUST COMPANIES
100-D - Foreign common trust funds.

 100-d.  Foreign common trust funds. Any banking corporation or trust
  company incorporated under the laws of another state which is  qualified
  to  act  as  executor  or testamentary trustee in this state pursuant to
  subdivision three of section one hundred thirty-one of the  banking  law
  may, when acting in either such capacity, invest any moneys received and
  held  by it in such capacity, either alone or in conjunction with one or
  more other persons acting with it in such capacity, in any common  trust
  fund  or funds maintained by it in accordance with the laws of the state
  of its incorporation; provided that the will under which  it  is  acting
  does  not  specifically prohibit such investment and that the will under
  which it is acting shall authorize the investment of such moneys in  any
  of  the  following;  (a)  in  such  a  common  trust  fund;  (b) in such
  investments as such fiduciary or fiduciaries under such will may  select
  in  the  discretion  of  such fiduciary or fiduciaries; (c) generally in
  investments other than those in which trustees are by law authorized  to
  invest  trust  funds; and provided that any banking corporation or trust
  company incorporated under the laws of this state is  permitted  by  the
  laws  of  the state of incorporation of such foreign banking corporation
  or trust company, when acting in  similar  fiduciary  capacity  in  that
  state,  to invest any moneys received and held by it in such capacity in
  any common trust fund or funds maintained by it in accordance  with  the
  laws of this state.