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This entry was published on 2014-09-22
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Proceeds of sale deemed real property
Real Property Actions & Proceedings (RPA) CHAPTER 81, ARTICLE 17
§ 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.