2A:56-41 - Proceeds of sale; payment or investment; how invested; income - New Jersey Statutes

2A:56-41.  Proceeds of sale;  payment or investment;  how invested; income
    When a sale is made pursuant to section 2A:56-37 or 2A:56-38 of this title,  the net proceeds of a share limited over or not held in fee simple shall, under  the order and direction of the superior court be paid either to the tenant of  said life or other estate, during his or her life or otherwise, or be invested  and kept invested, in the name of the superior court of the state of New  Jersey, for the use of the person owning such share, either upon bond secured  by mortgage to the said superior court, upon the property so sold, or any part  thereof, or as otherwise provided by law as to moneys deposited with said  court.
 
L.1951 (1st SS), c.344.