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
1764 - Distribution of proceeds where there is an interest of an infant not in being.

  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.