N.Y. PBA Law § 1020-L*2

* § 1020-l. Bonds legal investments for fiduciaries. The bonds are\nhereby made securities in which all public officers and bodies of this\nstate and all municipalities and municipal subdivisions, all insurance\ncompanies and associations and other persons carrying on an insurance\nbusiness, all banks, bankers, trust companies, savings banks and savings\nassociations, including savings and loan associations, building and loan\nassociations, investment companies and other persons carrying on a\nbanking business, and administrators, guardians, executors, trustees and\nother fiduciaries and all other persons whatsoever, who are now or may\nhereafter be authorized to invest in bonds or other obligations of the\nstate, may properly and legally invest funds including capital in their\ncontrol or belonging to them. The bonds are also hereby made securities\nwhich may be deposited with and may be received by all public officers\nand bodies of this state and all municipalities and municipal\nsubdivisions for any purpose for which the deposit of bonds or other\nobligations of this state is now or may hereafter be authorized.\n * NB There are 2 § 1020-l's\n