N.Y. PBA Law § 885

§ 885. 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, all insurance companies and\nassociations and other persons carrying on an insurance business, all\nbanks, bankers, trust companies, savings banks and savings associations,\nincluding savings and loan associations, investment companies and other\npersons carrying on a banking business and all other persons whatsoever,\nexcept as otherwise provided in this section, 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; provided that notwithstanding the\nprovisions of section twenty-one of the personal property law or of any\nother general or special law to the contrary, such bonds shall not be\neligible for the investment of funds, including capital, trusts, estates\nor guardianships under the control of individual administrators,\nguardians, executors, trustees and other individual fiduciaries. The\nbonds also are hereby made securities which may be deposited with and\nmay be received by all public officers and bodies of this state and all\nmunicipalities for any purpose for which the deposit of bonds or other\nobligations of this state is now or may hereafter be authorized.\n