N.Y. PBA Law § 3637

§ 3637. Bonds; legal investments for fiduciaries. The bonds of the\ncorporation are hereby made securities in which all public officers and\nbodies of the state and all municipalities, all insurance companies and\nassociations and other persons carrying on an insurance business, all\nbanks, 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,\nand other fiduciaries, and all other persons whatsoever, who are now or\nmay hereafter be authorized to invest in bonds or other obligations of\nthe state, may properly and legally invest funds, including capital in\ntheir control or belonging to them. The bonds are also hereby made\nsecurities which may be deposited with and may be received by all public\nofficers and bodies of the state and all municipalities for any purposes\nfor which the deposit of bonds or other obligations of this state is now\nor hereafter may be authorized.\n