N.Y. PBA Law § 1570-L

§ 1570-l. Bonds; legal investments for fiduciaries. The bonds of the\nauthority are hereby made securities in which all public officers and\nbodies of this state and all municipalities and municipal subdivisions,\nall insurance companies and associations and other persons carrying on\nan insurance business, all banks, bankers, trust companies, savings\nbanks and savings associations, including savings and loan associations,\nbuilding and loan associations, investment companies and other persons\ncarrying on a banking business, and all other persons whatsoever except\nas otherwise provided in this section, who are authorized to invest in\nbonds or other obligations of the state, may properly and legally invest\nfunds including capital in their control or belonging to them; provided\nthat, notwithstanding the provisions of any other general or special law\nto the contrary, such bonds shall not be eligible for the investment of\nfunds, including capital, of trusts, estates or guardianships under the\ncontrol of individual administrators, guardians, executors, trustees and\nother individual fiduciaries. Such bonds are also hereby made securities\nwhich may be deposited with and shall 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 authorized.\n