N.Y. Arts and Cultural Affairs Law § 59.17

§ 59.17. 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, all savings banks and savings institutions,\nincluding savings and loan associations, administrators, guardians,\nexecutors, trustees and other fiduciaries in the state may properly and\nlegally invest funds in their control.\n