N.Y. Real Property Actions & Proceedings Law § 1763: Distribution of proceeds upon release of inchoate right of dower

§ 1763. Distribution of proceeds upon release of inchoate right of

dower. Where an inchoate right of dower is released as prescribed in

this article and such release is to accompany a sale by the husband of

the property to which the inchoate right of dower attaches, the court

shall make an order requiring one-third of the amount realized on the

sale of the property to which the inchoate right of dower attached to be

invested by the guardian, committee or conservator, or paid into the

court to be held for the benefit of the husband during his life and upon

his death for the benefit of the wife during her life, or the court may

direct said amounts to be paid to the husband upon his giving an

undertaking in the amount of at least double the amount so received for

such release, conditioned for the repayment as the court shall direct by

his executors or administrators of such amount upon the death of the

husband, or the court may ascertain the sum in gross representing the

present value of such inchoate right of dower and direct the payment of

that sum to the guardian, committee or conservator for the wife. Where

an inchoate right of dower is released as prescribed in this article,

and, at the time of the commencement of the proceeding, the property to

which the inchoate right of dower attaches has already been sold by the

husband, and the wife has not joined in the conveyance or otherwise

released her inchoate right of dower, the court shall make an order

that, as the consideration for the release, or as part of the

consideration therefor, there be paid to the guardian, committee, or

conservator or into the court an amount to be fixed by the court as

equal to one-third of the fair market value of the property, to be

invested by the guardian, committee or conservator or held by the court

for the benefit of the person making such payment during the life of the

husband, and upon his death for the benefit of the wife during her life,

and upon her death to be returned to the person making such payment or

to his executors, administrators or assigns; or in lieu of such payment,

the court may allow an undertaking to be given in the amount of at least

double the amount so fixed as equal to one-third of the fair market

value of the property, conditioned for the payment as the court shall

direct, upon the death of the husband leaving the wife surviving, of the

said sum so fixed as equal to one-third of the fair value of the

property, to be held for the benefit of the wife during her life and

upon her death to be returned to the person giving such undertaking or

to his executors, administrators or assigns; or, in lieu of such payment

or undertaking, the court may ascertain the sum in gross representing

the present value of such inchoate right of dower in the fair market

value of the property and direct the payment of that sum to the

guardian, committee or conservator for the wife.