§10–119.

    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.