N.Y. Gen. Constr. Law § 25-c

§ 25-c. Investment in bond and mortgage or note and mortgage. The\nterm bond and mortgage or the term note and mortgage as heretofore or\nhereafter used in any statute which prescribes or authorizes investment\ntherein, with or without a specified ratio of real property security,\nshall be deemed to include a share or part of a bond and mortgage or of\na note and mortgage, as the case may be, prior in lien to all other\nshares and parts thereof and, for all purposes in connection with such\nan investment in a share or part, any specified ratio of real property\nsecurity shall be determined on the basis of the investment in such\nshare or part.\n