N.Y. Arts and Cultural Affairs Law § 20.31: Bonds and notes as legal investments

§ 20.31. Bonds and notes as legal investments. The bonds and notes of

a trust are hereby made securities in which all public officers and

bodies of this state and all municipalities and political 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, all administrators, guardians,

executors, trustees and other fiduciaries, and all other persons who are

now 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. The bonds and

notes 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 and political subdivisions for any purpose for which the

deposit of bonds or other obligations of this state is now or may

hereafter be authorized.