N.Y. Public Authorities Law § 2324: Bonds as legal investments

§ 2324. Bonds as legal investments. 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 shall 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.