A more thorough explanation:

A legal list is a group of investments that institutions and fiduciaries, such as banks and insurance companies, are allowed to invest in according to state statutes. These investments are considered low-risk and meet certain specifications set by the state.

For example, a state may have a legal list that includes government bonds, municipal bonds, and certain types of corporate bonds. These investments are considered safe and stable, making them suitable for institutions and fiduciaries to invest in.

The legal list is also known as the approved list or legal investments. It is important for institutions and fiduciaries to follow the legal list when making investments to ensure they are complying with state laws and regulations.