2006 New York Code - Proceeds Of Sale Deemed Real Property.

    §  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.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.