§ 1362 — Payment of surplus out of court

New York § 1362

• Jurisdiction: New York
• Law RPA: Real Property Actions & Proceedings
• Art. 13: Action to Foreclose a Mortgage

Text

§ 1362. Payment of surplus out of court. 1. Upon confirmation of the\nreport of sale, or upon such proceedings as are provided in section\n1361, the court shall order the payment of the surplus proceeds of sale\nout of court to such persons as are entitled thereto.\n 2. If the property sold has included a right to dower, whether\ninchoate or consummate, a tendency by curtesy, or any other estate for\nlife or years, the owner of such particular estate in the real property\nsold is entitled to receive from the surplus, in satisfaction of his\nestate or interest, either a sum in gross or the earnings of a sum\ninvested for his benefit. The determination as to whether a sum in gross\nor the earnings of a sum invested shall be awarded to the owner of such\nparticular estate shall be governed by the provisions of section 968\nwith respect to the proceeds of a sale in partition.\n 3. If real property or an interest in real property which is liable to\nbe disposed of as prescribed in article thirteen of the surrogate's\ncourt act, be sold to satisfy a mortgage or other lien thereon, which\nmortgage or lien accrued during the decedent's lifetime, the surplus\nmoney shall be paid in to the surrogate's court having jurisdiction to\nissue letters testamentary or of administration upon the estate of the\ndecedent, in the following cases: (a) If eighteen months have not\nelapsed since the date when letters testamentary or of administration\nwere first issued. (b) If a proceeding for a judicial settlement of the\naccounts of such executor or administrator has been commenced within\neighteen months from the date of the issue of such letters and is still\npending. (c) If no such letters have been issued and two years have not\nelapsed since the death of the decedent.\n