N.Y. PBA Law § 1062

§ 1062. Bonds legal investments for fiduciaries. The bonds are hereby\nmade securities in which all public officers and bodies of this state\nand 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 all other persons whatsoever, except as\nhereinafter provided, who are now or may hereafter be authorized to\ninvest in bonds or other obligations of the state, may properly and\nlegally invest funds including capital in their control or belonging to\nthem; provided that, notwithstanding the provisions of any other general\nor special law to the contrary, such bonds shall not be eligible for the\ninvestment of funds including capital, of trusts, estates or\nguardianships under the control of individual administrators, guardians,\nexecutors, trustees and other individual fiduciaries. The bonds are also\nhereby made securities which may be deposited with and may be received\nby all public officers and bodies of this state and all municipalities\nand municipal subdivisions for any purpose for which the deposit of\nbonds or other obligations of this state is now or may hereafter be\nauthorized.\n