N.Y. PBA Law § 1596-M

§ 1596-m. Bonds legal investments for public officers and fiduciaries.\nThe bonds 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 hereinafter 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\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 shall 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