Bonds are securities: (1) in which any of the following persons may legally and properly invest money, including capital that the person owns or controls: (i) an officer of a governmental unit; (ii) a bank, trust company, savings and loan association, investment company, or other person operating a banking business; (iii) an insurance association or other person operating an insurance business; (iv) a personal representative, guardian, trustee, or other fiduciary; and (v) any other person; and (2) that may be deposited with and received by a governmental unit or any officer of the State or a governmental unit for any purpose for which the deposit of bonds or other obligations of the State is authorized by law.
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