N.Y. Real Property Actions & Proceedings Law § 1755

§ 1755. Proceeds of sale deemed real property. A sale of real\nproperty, or of an interest in real property other than a possibility of\nreverter, of an infant or incompetent person, does not give to the\ninfant or incompetent person any other or greater interest in the\nproceeds of the sale than he had in the property or interest sold.\nThose proceeds are deemed property of the same nature as the estate or\ninterest sold until the infant arrives at full age or the incompetency\nis removed. The proceeds of the release of a possibility of reverter\nshall be deemed and treated as if they were proceeds of real property of\nwhich the infant was seized and possessed. If the incompetent person\ndies after the sale, having specifically devised the property sold, the\nprovisions of section thirty-six of the decedent estate law shall apply\nto the devise.\n