New Jersey § 3a:34-7

§ 3a:34-7.

When it shall appear to the satisfaction of the court that there is an executor, administrator

with the will annexed, substituted administrator with the will annexed, trustee or

substituted trustee, appointed by will or by court, who, by virtue of a will, has

power to collect the rents of all or any part of real estate sold under authority

of this chapter during the life of any person designated in the will or until the

happening of a contingency provided for in the will, but who has no power to sell

such real estate or any part thereof, the court may, upon the fiduciary giving bond,

direct (a) that the proceeds of the sale of such real estate, or interests therein,

of which such fiduciary was entitled to the rents, shall be paid over the fiduciary,

to be by him held and invested according to the law governing other trust funds;

(b) that the income therefrom shall be paid and applied by the fiduciary to the person

entitled to the rents of the real estate sold; (c) and that, upon the death of that

person, or the happening of the contingency provided for in the will, the principal

sum be paid to the person entitled thereto under the will.