N.Y. Real Property Actions and Proceedings Law 1761 – Distribution of proceeds of disposition
§ 1761. Distribution of proceeds of disposition. 1. After the disposition of real property as provided in this article, the court shall direct the distribution of the proceeds.
Terms Used In N.Y. Real Property Actions and Proceedings Law 1761
- conservatee: means a person who has suffered substantial impairment of his ability to care for his property or has become unable to provide for himself or others dependent upon him for support for whom a conservator of his property has been appointed, pursuant to § 77. See N.Y. Real Property Actions and Proceedings Law 1701
- 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
- Oath: A promise to tell the truth.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The court shall direct the payment from the proceeds of all debts, in equal proportion, without giving a preference to a debt founded upon a specialty or upon which judgment has been taken.
3. The court shall direct the investment of any portion of the proceeds belonging to the infant, incompetent person or conservatee which is not needed for the payment of debts, or the safe keeping, or the immediate maintenance and education of himself or his family, or for the preservation or improvement of his real property or his interest in real property.
4. The court shall require a report, under oath, of the disposition and investment of the proceeds to be made as soon as practicable, and must compel periodical accounts to be rendered thereafter by each person who is intrusted with the proceeds or any part thereof.