§ 1763 — Distribution of proceeds upon release of inchoate right of dower

New York § 1763

• Jurisdiction: New York
• Law RPA: Real Property Actions & Proceedings
• Art. 17: Special Proceeding For Disposition of Real Property of Infant, Incompetent or Conservatee

Text

§ 1763. Distribution of proceeds upon release of inchoate right of\ndower. Where an inchoate right of dower is released as prescribed in\nthis article and such release is to accompany a sale by the husband of\nthe property to which the inchoate right of dower attaches, the court\nshall make an order requiring one-third of the amount realized on the\nsale of the property to which the inchoate right of dower attached to be\ninvested by the guardian, committee or conservator, or paid into the\ncourt to be held for the benefit of the husband during his life and upon\nhis death for the benefit of the wife during her life, or the court may\ndirect said amounts to be paid to the husband upon his giving an\nundertaking in the amount of at least double the amount so received for\nsuch release, conditioned for the repayment as the court shall direct by\nhis executors or administrators of such amount upon the death of the\nhusband, or the court may ascertain the sum in gross representing the\npresent value of such inchoate right of dower and direct the payment of\nthat sum to the guardian, committee or conservator for the wife. Where\nan inchoate right of dower is released as prescribed in this article,\nand, at the time of the commencement of the proceeding, the property to\nwhich the inchoate right of dower attaches has already been sold by the\nhusband, and the wife has not joined in the conveyance or otherwise\nreleased her inchoate right of dower, the court shall make an order\nthat, as the consideration for the release, or as part of the\nconsideration therefor, there be paid to the guardian, committee, or\nconservator or into the court an amount to be fixed by the court as\nequal to one-third of the fair market value of the property, to be\ninvested by the guardian, committee or conservator or held by the court\nfor the benefit of the person making such payment during the life of the\nhusband, and upon his death for the benefit of the wife during her life,\nand upon her death to be returned to the person making such payment or\nto his executors, administrators or assigns; or in lieu of such payment,\nthe court may allow an undertaking to be given in the amount of at least\ndouble the amount so fixed as equal to one-third of the fair market\nvalue of the property, conditioned for the payment as the court shall\ndirect, upon the death of the husband leaving the wife surviving, of the\nsaid sum so fixed as equal to one-third of the fair value of the\nproperty, to be held for the benefit of the wife during her life and\nupon her death to be returned to the person giving such undertaking or\nto his executors, administrators or assigns; or, in lieu of such payment\nor undertaking, the court may ascertain the sum in gross representing\nthe present value of such inchoate right of dower in the fair market\nvalue of the property and direct the payment of that sum to the\nguardian, committee or conservator for the wife.\n