N.Y. RPA Law § 1764

§ 1764. Distribution of proceeds where there is an interest of an\ninfant not in being. In case by any contingency, infants not in being\nmay thereafter become possessed of any interest in the real property\ndisposed of, the court, in case of a sale, shall cause the proceeds of\nthe sale, after paying the costs and expenses of the same, to be placed\nat interest for the benefit of the persons who are or who ultimately may\nbe entitled to the same, and shall not authorize the distribution of the\nsame in advance of said contingency, except upon a petition of some\nperson entitled thereto and upon filing an undertaking in such amount as\nthe court shall direct, conditioned that in case of any contingency by\nwhich any infant not then in being shall thereafter become entitled to\nany of the proceeds of the sale, that said petitioner will pay to said\nperson or persons his or their proportionate share of the money so paid\nover to said petitioner. In the case of the mortgaging of said real\nestate, the proceeds of the same, after paying costs and expenses, shall\nbe paid out and disbursed under the direction of the court only for the\npurpose of paying lawful charges thereon, or repairing, improving,\nbuilding upon or otherwise enhancing in value any real estate so\nmortgaged as aforesaid.\n