N.Y. Real Property Actions & Proceedings Law § 1602: Application by owner of present or future interest for court authorization to mortgage, to lease or to sell real property

§ 1602. Application by owner of present or future interest for court

authorization to mortgage, to lease or to sell real property. When the

ownership of real property is divided into one or more possessory

interests and one or more future interests, the owner of any interest in

such real property or in the proceeds to be derived therefrom on a

directed sale thereof, except the owner of a possessory estate in fee

simple absolute therein, may apply to the court designated in section

1603 for an order directing that said real property, or a part thereof,

be mortgaged, leased or sold. If any such owner is an infant or

otherwise under disability, the application can be made on behalf of

such person, by the person duly authorized by law to care for his

property interests.