§ 1162 — Bonds and notes legal investments for fiduciaries

New York § 1162

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 7: Onondaga County Water Authority
• Art. 5: Public Utility Authorities

Text

§ 1162. Bonds and notes legal investments for fiduciaries. The bonds,\nor notes, are hereby made securities in which all public officers and\nbodies of this state and all municipalities and municipal subdivisions,\nall insurance companies and associations and other persons carrying on\nan insurance business, all banks, bankers, trust companies, savings\nbanks and savings associations, including savings and loan associations,\nbuilding and loan associations, investment companies and other persons\ncarrying on a banking business, and all other persons whatsoever, except\nas hereinafter provided, who are now or may hereafter be authorized to\ninvest in bonds or other obligations of the state, may properly and\nlegally invest funds including capital in their control or belonging to\nthem; provided that, notwithstanding the provisions of any other general\nor special law to the contrary, such bonds or notes shall not be\neligible for the investment of funds including capital, of trusts,\nestates or guardianships under the control of individual administrators,\nguardians, executors, trustees and other individual fiduciaries. The\nbonds or notes are also hereby made securities which may be deposited\nwith and may be received by all public officers and bodies of this state\nand all municipalities and municipal subdivisions for any purpose for\nwhich the deposit of bonds or other obligations of this state is now or\nmay hereafter be authorized.\n