N.Y. Real Property Actions & 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.

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.