N.Y. Public Authorities Law § 2675-m: Bonds; legal investment for fiduciaries

§ 2675-m. Bonds; legal investment 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, 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, 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.