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2014 New York Laws
RPA - Real Property Actions & Proceedings
Article 17 - (1701 - 1766) SPECIAL PROCEEDING FOR DISPOSITION OF REAL PROPERTY OF INFANT, INCOMPETENT OR CONSERVATEE
1761 - Distribution of proceeds of disposition.

NY Real Prop Actions L § 1761 (2014) What's This?
  1761.  Distribution  of  proceeds  of  disposition.  1.  After  the
  disposition of real property as provided  in  this  article,  the  court
  shall direct the distribution of the proceeds.

2.  The court shall direct the payment from the proceeds of all debts,
  in equal proportion, without giving a preference to a debt founded  upon
  a specialty or upon which judgment has been taken.

3.  The  court  shall  direct  the  investment  of  any portion of the
  proceeds belonging to the  infant,  incompetent  person  or  conservatee
  which  is  not  needed for the payment of debts, or the safe keeping, or
  the immediate maintenance and education of himself or his family, or for
  the preservation or improvement of his real property or his interest  in
  real property.

4.  The  court  shall require a report, under oath, of the disposition
  and investment of the proceeds to be made as soon  as  practicable,  and
  must compel periodical accounts to be rendered thereafter by each person
  who is intrusted with the proceeds or any part thereof.

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