No official of any city of this state who shall deposit any moneys coming into his hands by virtue of his office in any bank, savings bank, national banking association, trust company, or with any private banker, in accordance with the provisions of any general or local law or charter, or in accordance with the official action taken by the governing body or board of any such city, shall be liable for the loss of any such moneys resulting from the default or insolvency of any such depositary.
New York Legal Code