Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
Distribution of proceeds where there is an interest of an infant not in being
Real Property Actions & Proceedings (RPA) CHAPTER 81, ARTICLE 17
§ 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.