N.Y. Est. Powers & Trusts Law § 11-1.10

§ 11-1.10 Power of fiduciary to employ a broker-dealer as custodian\n Notwithstanding any other provision of law any fiduciary (as defined\nin section 1-2.7 or 11-1.1 (a) (3)) is authorized: (1) to employ any\nbroker-dealer which is registered with the Securities and Exchange\nCommission and the department of law of the state of New York (referred\nto in this section as "broker") as a custodian for a fiduciary of any\nstock or other securities (referred to in this section as "securities");\n(2) to register such securities in the name of such broker. Such broker\nshall have the same power and shall be subject to the same restrictions\nwith respect to the treatment of such securities as any bank or trust\ncompany acting as a custodian for a fiduciary and such securities shall\nbe subject to the same treatment as securities held by such a custodian\nfor a fiduciary as provided in sections 11-1.1 (b) (9) (10), 11-1.6,\n11-1.8, and 11-1.9 of this part. Any such securities held by a broker in\nwhich the broker does not have a lien for indebtedness due to it from\nthe estate or trust may not be pledged, lent, hypothecated or disposed\nof except upon the specific instruction of the fiduciary.\n