N.Y. Real Property Actions & Proceedings Law § 923

§ 923. Security for credit on sale. The portion of the purchase-money\nfor which credit is allowed in the interlocutory judgment shall be\nsecured at interest by a mortgage upon the property sold, with a bond of\nthe purchaser; and by such additional security, if any, as the court\nprescribes. The officer making the sale may take separate mortgages and\nother securities in the name of the county treasurer of the county in\nwhich the property is situated for such convenient portions of the\npurchase-money as are directed by the court to be invested; and in the\nname of the owner, for the share of any known owner of full age who\ndesires to have it invested.\n