2A:56-11 - Proceeds of sale; disposition - New Jersey Statutes

2A:56-11.  Proceeds of sale;  disposition
    The money arising from a sale pursuant to this chapter shall be paid to the  parties interested in the real estate sold, their guardians or legal representatives, in proportion to their respective rights therein, deducting from their respective shares the costs and charges which may be allowed and ordered to be retained.  If any party is absent from the state, without such legal representative in this state the proportion of the money due him shall be  invested under the direction and control of the court, for the benefit of such  absent person.

    The court shall require the guardian of any person under the age of 21 years  entitled to a proportion of the moneys arising from a sale pursuant to this  chapter, to give such security by bond to the superior court as the court may  deem sufficient, for the benefit of the minor, conditioned for the faithful  discharge of the trust committed to the guardian.
 
L.1951 (1st SS), c.344.