N.Y. Real Prop. Acts. Law § 278

§ 278. Exchange of mortgage investment. Trustees, executors,\nadministrators, guardians, committees, conservators, receivers, the town\ntreasurer of any town and other persons and corporations holding trust\nfunds, corporations and private bankers organized under or subject to\nthe provisions of the banking law, the superintendent of financial\nservices as conservator, liquidator or rehabilitator of any such\ncorporation or private banker organized under and subject to the\nprovisions of the banking law, persons, partnerships, and corporations\norganized under or subject to the provisions of the insurance law, the\nsuperintendent of financial services as conservator, liquidator or\nrehabilitator of any such person, partnership or corporation organized\nunder or subject to the provisions of the insurance law, and other\ndomestic corporations, that shall have made or shall hold an investment,\nwhether with or without a specified ratio of real property security, in\na bond secured by mortgage on real property or share or part thereof,\nwhether guaranteed or not, may, at any time without an order of the\ncourt or other authority, exchange, prior or subsequent to maturity,\nsuch bond and mortgage or share or part thereof and any rights in\nrespect thereto, for bonds of Home Owners' Loan Corporation, a\ncorporation created under home owners' loan act of nineteen hundred and\nthirty-three, and may hold such bonds of Home Owners' Loan Corporation\nas authorized and lawful investments for any and all purposes,\nnotwithstanding the provisions of any general or special law of this\nstate inconsistent with the provisions of this section.\n