N.Y. Public Authorities Law § 2026: Bonds and notes legal investments for fiduciaries

§ 2026. Bonds and notes legal investments for fiduciaries. The bonds,

or notes, 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 or notes 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 or 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 municipal subdivisions for any purpose for

which the deposit of bonds or other obligations of this state is now or

may hereafter be authorized.