2A:50-34 - Gross sum in lieu of dower, curtesy, life estate or estate for years
2A:50-34.Ā Gross sum in lieu of dower, curtesy, life estate or estate for years
If, upon the foreclosure of any mortgage and the sale of the premises therein described, there shall be paid into court moneys representing an estateĀ in dower or for life or for years, or an estate by the curtesy in such premisesĀ or any part thereof, any person entitled to such estate may make application toĀ the court for a sum in gross in lieu thereof, and the court shall direct theĀ payment of such sum in gross out of the proceeds of the sale of the premises toĀ the person entitled to such estate, as shall be deemed a just and reasonableĀ satisfaction for such estate, and which the person so entitled shall consent inĀ writing to accept in lieu thereof.
If no such consent shall be given before the distribution of the proceeds ofĀ the sale, the court shall ascertain and determine what proportion of such proceeds will be a just and reasonable sum to be invested for the benefit of the person entitled to such estate, and shall order the same deposited with theĀ court and under the direction and control of the court for the benefit of theĀ parties entitled, the interest thereon to be paid to the parties entitled asĀ the same may become due as compensation for and in lieu of such estate. At theĀ termination of such estate the principal sum shall be paid to or distributedĀ among the parties entitled thereto.
Ā
L.1951 (1st SS), c.344.
Ā
If, upon the foreclosure of any mortgage and the sale of the premises therein described, there shall be paid into court moneys representing an estateĀ in dower or for life or for years, or an estate by the curtesy in such premisesĀ or any part thereof, any person entitled to such estate may make application toĀ the court for a sum in gross in lieu thereof, and the court shall direct theĀ payment of such sum in gross out of the proceeds of the sale of the premises toĀ the person entitled to such estate, as shall be deemed a just and reasonableĀ satisfaction for such estate, and which the person so entitled shall consent inĀ writing to accept in lieu thereof.
If no such consent shall be given before the distribution of the proceeds ofĀ the sale, the court shall ascertain and determine what proportion of such proceeds will be a just and reasonable sum to be invested for the benefit of the person entitled to such estate, and shall order the same deposited with theĀ court and under the direction and control of the court for the benefit of theĀ parties entitled, the interest thereon to be paid to the parties entitled asĀ the same may become due as compensation for and in lieu of such estate. At theĀ termination of such estate the principal sum shall be paid to or distributedĀ among the parties entitled thereto.
Ā
L.1951 (1st SS), c.344.
Ā