New Jersey § 3a:38-7

§ 3a:38-7.

When it shall appear to the satisfaction of the superior court in an action by the

guardian of an infant or mental incompetent that the real estate of his ward is subject

to a right or estate of dower or curtesy, or to an estate for life or years devised

in lieu thereof, and that the person entitled to dower or curtesy, or other estate,

consents to release said right or estate, and to accept in lieu thereof either a gross

sum, or the investment of a reasonable sum in such manner that the interest thereon

shall be payable to the person consenting thereto during the period for which his

or her right or estate would by its own limitation continue, and that it is to the

advantage of the ward that such gross sum be paid or investment made, the court may,

after such consent has been filed with the clerk of the court and an effective release

has been executed, direct the payment of such sum in gross to, or the investment of

a sum for, the person entitled in the manner aforesaid. In order to raise said sum the court may direct said sum taken out of the proceeds

of the sale, mortgage or conveyance, or the court may authorize the guardian to borrow

on the security of a bond and mortgage on such real estate upon such terms as it may

approve.