N.Y. Public Authorities Law § 1062: Bonds legal investments for fiduciaries

§ 1062. Bonds legal investments for fiduciaries. The bonds 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

hereinafter provided, 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; 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. 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

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.