N.Y. Real Property Actions & Proceedings Law § 1755: Proceeds of sale deemed real property

§ 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 section thirty-six of the decedent estate law shall apply

to the devise.