New York § 1763 - 1763Distribution of proceeds upon release of inchoate right of dower

§ 1763. 1763Distribution of proceeds upon release of inchoate right of dower

§ 1763. Distribution of proceeds upon release of inchoate right of dower. Where an inchoate right of dower is released as prescribed in this article and such release is to accompany a sale by the husband of the property to which the inchoate right of dower attaches, the court shall make an order requiring one-third of the amount realized on the sale of the property to which the inchoate right of dower attached to be invested by the guardian, committee or conservator, or paid into the court to be held for the benefit of the husband during his life and upon his death for the benefit of the wife during her life, or the court may direct said amounts to be paid to the husband upon his giving an undertaking in the amount of at least double the amount so received for such release, conditioned for the repayment as the court shall direct by his executors or administrators of such amount upon the death of the husband, or the court may ascertain the sum in gross representing the present value of such inchoate right of dower and direct the payment of that sum to the guardian, committee or conservator for the wife. Where an inchoate right of dower is released as prescribed in this article, and, at the time of the commencement of the proceeding, the property to which the inchoate right of dower attaches has already been sold by the husband, and the wife has not joined in the conveyance or otherwise released her inchoate right of dower, the court shall make an order that, as the consideration for the release, or as part of the consideration therefor, there be paid to the guardian, committee, or conservator or into the court an amount to be fixed by the court as equal to one-third of the fair market value of the property, to be invested by the guardian, committee or conservator or held by the court for the benefit of the person making such payment during the life of the husband, and upon his death for the benefit of the wife during her life, and upon her death to be returned to the person making such payment or to his executors, administrators or assigns; or in lieu of such payment, the court may allow an undertaking to be given in the amount of at least double the amount so fixed as equal to one-third of the fair market value of the property, conditioned for the payment as the court shall direct, upon the death of the husband leaving the wife surviving, of the said sum so fixed as equal to one-third of the fair value of the property, to be held for the benefit of the wife during her life and upon her death to be returned to the person giving such undertaking or to his executors, administrators or assigns; or, in lieu of such payment or undertaking, the court may ascertain the sum in gross representing the present value of such inchoate right of dower in the fair market value of the property and direct the payment of that sum to the guardian, committee or conservator for the wife.