N.Y. Public Authorities Law § 885: Bonds legal investments for public officers and fiduciaries

§ 885. Bonds legal investments for public officers and fiduciaries.

The bonds are hereby made securities in which all public officers and

bodies of this state and all municipalities, 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 otherwise provided in this section, 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 section twenty-one of the personal property law or 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 also are hereby made securities which may be deposited with and

may be received by all public officers and bodies of this state and all

municipalities for any purpose for which the deposit of bonds or other

obligations of this state is now or may hereafter be authorized.