§ 1755. Proceeds of sale deemed real property. A sale of real property, or of an interest in real property other than a possibility of reverter, of an infant or incompetent person, does not give to the infant or incompetent person any other or greater interest in the proceeds of the sale than he had in the property or interest sold. Those proceeds are deemed property of the same nature as the estate or interest sold until the infant arrives at full age or the incompetency is removed. The proceeds of the release of a possibility of reverter shall be deemed and treated as if they were proceeds of real property of which the infant was seized and possessed. If the incompetent person dies after the sale, having specifically devised the property sold, the provisions of § 36 of the decedent estate law shall apply to the devise.

Terms Used In N.Y. Real Property Actions and Proceedings Law 1755

  • Decedent: A deceased person.
  • Devise: To gift property by will.
  • incompetent person: means a person incompetent to manage his affairs of whose property a committee has been appointed pursuant to § 78. See N.Y. Real Property Actions and Proceedings Law 1701
  • interest in real property: includes any term, estate or other interest in real property, vested or contingent, of an infant in being, an incompetent person, or a conservatee including an inchoate right of dower and a possibility of reverter, and also the contingent interest of an infant not in being. See N.Y. Real Property Actions and Proceedings Law 1701
  • possibility of reverter: means the possibility that upon breach of a condition or termination of an estate by limitation the right of re-entry will vest in, or real property will revert to, an infant, incompetent person or conservatee or his heirs solely or in common with others. See N.Y. Real Property Actions and Proceedings Law 1701
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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