N.Y. Real Property Actions & Proceedings Law § 968: Manner of payment of proceeds to owner of particular or future estate

§ 968. Manner of payment of proceeds to owner of particular or future

estate. Whenever the whole or a part of the proceeds of a sale

represents the interest of a particular estate, and also represents one

or more other interests subsequent thereto, the power to determine

whether the owner of the particular estate shall receive, in

satisfaction of his estate or interest, a sum in gross or shall receive

the earnings, as they accrue, of a sum invested for his benefit in

permanent securities at interest, rests in the discretion of the court,

except that if all parties affected shall have agreed either to the

payment of a sum in gross or the investment of the proceeds the court

shall, by order, give effect to such agreement. The application of the

owner of any such particular estate for the award of a sum in gross

shall be granted unless the court finds that unreasonable hardship is

likely to be caused thereby to the owner of some other interest in the

affected real property. The application for the award of a sum in gross

by the owner of some interest in the affected real property other than

the owner of the particular estate shall be granted if the court finds

that the granting of such application is equitable under the

circumstances.