New York Laws
Article 17 - Special Proceeding for Disposition of Real Property of Infant, Incompetent or Conservatee
1762 - Distribution of Proceeds to Owner of Particular or Reversionary Estate.

§ 1762. Distribution of proceeds to owner of particular or
reversionary estate. 1. When real property has been disposed of so as to
include a particular reversionary estate, as provided in sections 1746
and 1747, the court shall direct that the value of such estate be paid
from the proceeds of disposition.

2. The manner of payment may be either in a gross sum or by the
investment of a just proportion of the proceeds until the termination of
the prior estate or the commencement of a future estate.

3. If a prior estate has been included, income from the invested
proceeds shall be paid to the owner of such estate. But no such payment
shall be made nor shall any gross sum be paid to such owner until an
effectual release of the right or estate of the person so consenting,
executed to the satisfaction of the court, and duly acknowledged or
proved, and certified, in like manner as a deed to be recorded, has been
filed with the clerk.

4. If a future estate has been included, the invested proceeds shall
be paid to the owner of such estate at the time of the commencement
thereof.