N.Y. Real Property Actions & Proceedings Law § 1764: Distribution of proceeds where there is an interest of an infant not in being

§ 1764. Distribution of proceeds where there is an interest of an

infant not in being. In case by any contingency, infants not in being

may thereafter become possessed of any interest in the real property

disposed of, the court, in case of a sale, shall cause the proceeds of

the sale, after paying the costs and expenses of the same, to be placed

at interest for the benefit of the persons who are or who ultimately may

be entitled to the same, and shall not authorize the distribution of the

same in advance of said contingency, except upon a petition of some

person entitled thereto and upon filing an undertaking in such amount as

the court shall direct, conditioned that in case of any contingency by

which any infant not then in being shall thereafter become entitled to

any of the proceeds of the sale, that said petitioner will pay to said

person or persons his or their proportionate share of the money so paid

over to said petitioner. In the case of the mortgaging of said real

estate, the proceeds of the same, after paying costs and expenses, shall

be paid out and disbursed under the direction of the court only for the

purpose of paying lawful charges thereon, or repairing, improving,

building upon or otherwise enhancing in value any real estate so

mortgaged as aforesaid.