Legislation
SECTION 968
Manner of payment of proceeds to owner of particular or future estate
Real Property Actions & Proceedings (RPA) CHAPTER 81, ARTICLE 9
§ 968. Manner of payment of proceeds to owner of particular or future
estate. Whenever the whole or a part of the proceeds of a sale
represents the interest of a particular estate, and also represents one
or more other interests subsequent thereto, the power to determine
whether the owner of the particular estate shall receive, in
satisfaction of his estate or interest, a sum in gross or shall receive
the earnings, as they accrue, of a sum invested for his benefit in
permanent securities at interest, rests in the discretion of the court,
except that if all parties affected shall have agreed either to the
payment of a sum in gross or the investment of the proceeds the court
shall, by order, give effect to such agreement. The application of the
owner of any such particular estate for the award of a sum in gross
shall be granted unless the court finds that unreasonable hardship is
likely to be caused thereby to the owner of some other interest in the
affected real property. The application for the award of a sum in gross
by the owner of some interest in the affected real property other than
the owner of the particular estate shall be granted if the court finds
that the granting of such application is equitable under the
circumstances.
estate. Whenever the whole or a part of the proceeds of a sale
represents the interest of a particular estate, and also represents one
or more other interests subsequent thereto, the power to determine
whether the owner of the particular estate shall receive, in
satisfaction of his estate or interest, a sum in gross or shall receive
the earnings, as they accrue, of a sum invested for his benefit in
permanent securities at interest, rests in the discretion of the court,
except that if all parties affected shall have agreed either to the
payment of a sum in gross or the investment of the proceeds the court
shall, by order, give effect to such agreement. The application of the
owner of any such particular estate for the award of a sum in gross
shall be granted unless the court finds that unreasonable hardship is
likely to be caused thereby to the owner of some other interest in the
affected real property. The application for the award of a sum in gross
by the owner of some interest in the affected real property other than
the owner of the particular estate shall be granted if the court finds
that the granting of such application is equitable under the
circumstances.