N.Y. BNK Law § 100-D

§ 100-d. Foreign common trust funds. Any banking corporation or trust\ncompany incorporated under the laws of another state which is qualified\nto act as executor or testamentary trustee in this state pursuant to\nsubdivision three of section one hundred thirty-one of the banking law\nmay, when acting in either such capacity, invest any moneys received and\nheld by it in such capacity, either alone or in conjunction with one or\nmore other persons acting with it in such capacity, in any common trust\nfund or funds maintained by it in accordance with the laws of the state\nof its incorporation; provided that the will under which it is acting\ndoes not specifically prohibit such investment and that the will under\nwhich it is acting shall authorize the investment of such moneys in any\nof the following; (a) in such a common trust fund; (b) in such\ninvestments as such fiduciary or fiduciaries under such will may select\nin the discretion of such fiduciary or fiduciaries; (c) generally in\ninvestments other than those in which trustees are by law authorized to\ninvest trust funds; and provided that any banking corporation or trust\ncompany incorporated under the laws of this state is permitted by the\nlaws of the state of incorporation of such foreign banking corporation\nor trust company, when acting in similar fiduciary capacity in that\nstate, to invest any moneys received and held by it in such capacity in\nany common trust fund or funds maintained by it in accordance with the\nlaws of this state.\n