N.Y. RPA Law § 1762

§ 1762. Distribution of proceeds to owner of particular or\nreversionary estate. 1. When real property has been disposed of so as to\ninclude a particular reversionary estate, as provided in sections 1746\nand 1747, the court shall direct that the value of such estate be paid\nfrom the proceeds of disposition.\n 2. The manner of payment may be either in a gross sum or by the\ninvestment of a just proportion of the proceeds until the termination of\nthe prior estate or the commencement of a future estate.\n 3. If a prior estate has been included, income from the invested\nproceeds shall be paid to the owner of such estate. But no such payment\nshall be made nor shall any gross sum be paid to such owner until an\neffectual release of the right or estate of the person so consenting,\nexecuted to the satisfaction of the court, and duly acknowledged or\nproved, and certified, in like manner as a deed to be recorded, has been\nfiled with the clerk.\n 4. If a future estate has been included, the invested proceeds shall\nbe paid to the owner of such estate at the time of the commencement\nthereof.\n