New York Real Property Actions & Proceedings Law
Distribution of Proceeds Where There Is an Interest of an Infant Not in Being
§ 1764. Distribution of proceeds where there is an interest of an infant not in being. In case by any contingency, infants not in being may thereafter become possessed of any interest in the real property disposed of, the court, in case of a sale, shall cause the proceeds of the sale, after paying the costs and expenses of the same, to be placed at interest for the benefit of the persons who are or who ultimately may be entitled to the same, and shall not authorize the distribution of the same in advance of said contingency, except upon a petition of some person entitled thereto and upon filing an undertaking in such amount as the court shall direct, conditioned that in case of any contingency by which any infant not then in being shall thereafter become entitled to any of the proceeds of the sale, that said petitioner will pay to said person or persons his or their proportionate share of the money so paid over to said petitioner. In the case of the mortgaging of said real estate, the proceeds of the same, after paying costs and expenses, shall be paid out and disbursed under the direction of the court only for the purpose of paying lawful charges thereon, or repairing, improving, building upon or otherwise enhancing in value any real estate so mortgaged as aforesaid.