Every guardian shall keep the funds received by him in his capacity as guardian separate and distinct from his own personal funds and property. He shall not invest the same or deposit the same with any person, association or corporation doing business under the banking law, or other person or institution in his own name, but, except as provided in section 11-1.6 of the estates, powers and trusts law, all transactions had and done by him shall be in his name as such guardian. Any person violating any of the provisions of this section shall be guilty of a misdemeanor.
New York Legal Code