§ 3637. Bonds; legal investments for fiduciaries. The bonds of the
corporation are hereby made securities in which all public officers and
bodies of the state and all municipalities, all insurance companies and
associations and other persons carrying on an insurance business, all
banks, bankers, trust companies, savings banks, and savings
associations, including savings and loan associations, building and loan
associations, investment companies, and other persons carrying on a
banking business, and administrators, guardians, executors, trustees,
and other fiduciaries, and all other persons whatsoever, who are now or
may hereafter be authorized to invest in bonds or other obligations of
the state, may properly and legally invest funds, including capital in
their control or belonging to them. The bonds are also hereby made
securities which may be deposited with and may be received by all public
officers and bodies of the state and all municipalities for any purposes
for which the deposit of bonds or other obligations of this state is now
or hereafter may be authorized.