N.Y. Real Property Actions and Proceedings Law 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.
Terms Used In N.Y. Real Property Actions and Proceedings Law 1762
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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.