N.Y. Real Property Actions and Proceedings Law 965 – Payment of proceeds out of court in cases involving decedent's property
§ 965. Payment of proceeds out of court in cases involving decedent's property. Money paid into court under section 964 may be paid out of court to such parties as are entitled thereto by order of the court made upon motion of any party, and upon:
Terms Used In N.Y. Real Property Actions and Proceedings Law 965
- Decedent: A deceased person.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
1. Notice of motion to the executors or administrators of the decedent and the furnishing of an undertaking that the moving party will pay any and all claims, not exceeding the amount paid into court, when required by order of the court or by order of the surrogate of the surrogate's court in a proceeding to mortgage, lease or sell the real property of such decedent; except that where a final accounting has been had in the estate of such decedent in a surrogate's court, and certified copies of the account and decree of final settlement, showing that all of the debts of the decedent have been paid in full, is filed with the court having jurisdiction of the fund, the court may dispense with the furnishing of an undertaking; or
2. The furnishing of the certificate of the surrogate of the county of which any such decedent was a resident at the time of his death, showing that eighteen months have elapsed since the issuing of letters testamentary or letters of administration, as the case may be, upon the estate of said decedent, and that no proceedings for the mortgage, lease or sale of the real property of such decedent for the payment of his debts or funeral expenses, or both, is pending, and the certificate of the county clerk of the county where the real property sold under the interlocutory judgment is located, showing that no notice of pendency of action in respect to such real property has been filed in his office. The certificate of the surrogate required herein may be executed in the name of the surrogate by the clerk of the surrogate's court under the seal of the court.