ing of such order shall have been exercised by a person other than the life tenant, at least eight days before the making thereof; provided that where a future estate or interest is limited in any contingency to persons who shall compose a certain class upon the happening of a future event, it shall be sufficient if such notice be served upon the persons who would have been entitled to such estate or interest if such event had happened immediately before the application is made. If such beneficiary or other person is an adult without the state, or is a minor, lunatic, person of unsound mind, habitual drunkard or absentee, notice shall be served on such beneficiary or other person in such manner as the court or a justice thereof may prescribe.

Except as expressly provided in this section no person shall be entitled to notice under this section solely by reason of the fact that he has been or may be designated as appointee of said property or proceeds, or of any interest therein, under a power of appointment or disposition. Upon the return day of the notice the court shall, upon its own motion, appoint a special guardian for any minor and for any lunatic, person of unsound mind or habitual drunkard who shall not be represented by a committee duly appointed. If there is no person in being having vested or contingent interest in remainder or reversion in said real property or in the proceeds of sale after the termination of the life estate, other than a reversioner who is the life tenant or whose reversion is a mere naked legal interest which can never take effect in possession otherwise than subject to a power of sale or a power of appointment the court shall on the return day of the motion appoint some disinterested person to represent and protect the interests of the persons to become entitled to the remainder or remainders or to become entitled to an interest in the proceeds of sale. (Amended by L. 1913, ch. 55; L. 1918, ch. 578; L. 1920, ch. 639, in effect Sept. 1, 1920.)

Derivation: Real Property Law, § 57, added by L. 1903, ch. 432, § 1.

§ 68. Application, how made.

The application must be made by petition duly verified, which shall set forth the provisions of the will or the deed creating the estate, the condition of the estate and the particular facts which make it necessary or proper that the application should be granted.

After taking proof of the facts either before the court or by a referee and hearing the parties and fully examining into the matter, the court must make an order upon the application. In case the application is granted, the order must authorize the real prop-. erty described in the petition to be sold, mortgaged or leased upon such terms and conditions as the court may prescribe, but in the case of a lease the term thereof shall not exceed twenty-one years. (Amended by L. 1913, ch. 55; L. 1920, ch. 639, in effect Sept. 1, 1920.)

Derivation: Real Property Law, § 58, added by L. 1903, ch. 432, § 1.

§ 69. Sale, mortgage or lease, how made.

The sale, mortgage or lease shall be made by a referee appointed by the court for that purpose. Before a sale, mortgage or lease can be made pursuant to the order provided for in the preceding section, the referee must enter into an agreement therefor, subject to the approval of the court, and must report the agreement to the court under oath. Upon confirmation thereof he must execute as directed by the court a deed, mortgage, or lease of said real property. The life tenant, or if he be suffering from any disability, his committee or special guardian, acting on his behalf, must join in the execution of said instrument. In case a sale of such real property is authorized, the final order must direct that the proceeds of such sale be paid into the hands of some trust company authorized by law to act as trustee or to some person or persons who shall thereby become trustee or trustees for such life tenant and remaindermen, or for such other person or persons as may be or become entitled to the proceeds of such sale, and must require the trustee, unless it be a trust company as aforesaid, to give a bond in such an amount and with such sureties as the court directs, conditioned for the faithful discharge of his trust and for the due accounting of all moneys received by him pursuant to said order. In case a mortgage of such real property is authorized, the final order must direct that the net proceeds of said mortgage, after the payment of liens and encumbrances, be paid to such a trust company or other trustee bonded as aforesaid, to be applied by said trustee in accordance with the terms of the final order. (Amended by L. 1918, ch. 578; L. 1920, ch. 639, in effect Sept. 1, 1920.) Derivation: Real Property Law, § 59, added by L. 1903, ch. 432, § 1.

§ 70. Effect of instruments upon sale, mortgage or lease.

A deed, mortgage or lease made pursuant to a final order granted as provided in the foregoing sections sixty-seven, sixty-eight, and sixty-nine shall bind the remainders and reversion as well as the life estate in said real property and shall be valid and effectual against all minors, lunatics, persons of unsound mind, habitual drunkards and persons not in being, interested in the real property aforesaid, or having estates or interests vested or contingent, in reversion or remainder in said real property, or in the proceeds of the sale thereof, and against all persons whether in being or not who may by appointment or otherwise have or acquire an interest in said property or in the proceeds of the sale thereof, but before the order directing the sale, mortgage or lease can be made, all adult persons not under disability having an interest, vested or contingent, in reversion or remainder, in said real property or in the proceeds of such sale, or having a power to appoint or dispose of said remainder, reversion or proceeds, or an appointee under such a power, and who are entitled to notice under section sixtyseven of this chapter, must make and file with the clerk of the court in which the proceedings have been instituted, a written instrument, duly executed and acknowledged, consenting that such an order of sale, mortgage or lease may be made, and in no event shall such order be made without the like written consent of the life tenant if not suffering from disability. (Amended by L. 1913, ch. 55; L. 1918, ch. 578; L. 1920, ch. 639, in effect Sept. 1, 1920.)

Derivation: Real Property Law, § 60, added by L. 1903, ch. 432, § 1. § 71. Disposition of proceeds of sale.

The trustees appointed by the court of funds realized from the sale of real property under these provisions shall, unless otherwise ordered by the court, invest such funds in the manner and form prescribed and regulated by law, relative to investment of trust funds by trustees, and shall pay and apply the net income, after deducting all lawful expenses and commissions, to the use of the life tenant during life and upon the death of the life tenant pay over and distribute the principal to and among the remaindermen or other persons that may then be entitled thereto in accordance with the order of the court upon an accounting. (Amended by L. 1918, ch. 578, in effect May 9, 1918.)

Derivation: Real Property Law, § 61, added by L. 1903, eh. 432, § 1.

§ 72. Release of rents reserved by leases in perpetuity.

1. Any person interested in lands held under a lease in perpetuity, upon which no rent has been paid for at least twenty years, may present his petition to the courts mentioned in this section asking that it be declared that the rents and reversion have been released to the owner of the fee. Such petition shall be verified, shall describe the lease and allege that the rents and reversion have been released, and shall state such facts as the petitioner can ascertain relative to the execution of a release and the identity of the persons who would otherwise be the present owners of the rents and reversion and the last known owner thereof.

2. Such petition may be presented to the supreme court or to the county court of the county where the lands are situated. The court may thereupon order all persons interested to show cause at a certain time and place why the rents and reversion should not be declared to have been released. A description of the lease and lands affected thereby and the name of the last known owner of the rents and reversion shall be specified in such order, and the order shall be published in such newspaper or newspapers and for such time as the court shall direct. The court may also direct the order to be personally served upon such persons as it shall desig

nate.

3. The court may issue commissions to take the testimony of witnesses and may refer it to a referee to take and report proofs of the facts stated in the petition. Upon being satisfied that the matters alleged in the petition are true, the court may make an order declaring that the rents and reversion have been released to the owner of the fee. The nonpayment of rent under any such lease for twenty years shall be presumptive evidence of such a release. The entry of such order in the office of the clerk of the county where such lands are situated shall have the same effect as a release of such rents and reversion to such owner then duly executed and recorded. The county clerk shall note on the margin of the record of the original lease a minute of the entry of such order.

Derivation: L. 1900, ch. 227, §§ 1-3.

$73. Compromise of controversies arising between claimants to property or estates where the interests of infants, incompetents or persons unknown or not in being are or may be affected.

(a) The supreme court or the surrogate's court having juris

diction of the estate or property involved may authorize executors, administrators and trustees to adjust by compromise any controversy that may arise between different claimants to the esate or property in their hands to which agreement such executors, administrators or trustees and all other parties in being who claim an interest in such estate shall be parties in person or by guardian as hereinafter provided.

(b) The supreme court or the surrogate's court having jurisdiction of the estate or property involved may likewise authorize the person or persons named as executors in one or more instru ments purporting to be the last will and testament of a person deceased, or the petitioners for administration with such will or wills annexed, to adjust by compromise any controversy that may arise between the persons claiming as devisees or legatees under such will or wills and the persons entitled to or claiming the estate of the deceased under the statutes regulating the descent and distribution of intestate estates, to which agreement or compromise the persons named as executors or the petitioners for administration with the will annexed, as the case may be, those claiming as devisees or legatees and those claiming the estate as intestate, shall be parties. Provided that persons named as executors in any instrument who have renounced or shall renounce such executorship shall not be required to be parties to such compromise.

(c) Where an infant, lunatic, person of unsound mind or habitual drunkard is a necessary party to a compromise under this section he shall be represented in the proceedings by a special guardian appointed by the court, who shall in the name and on the behalf of the party he represents make all proper instruments necessary to carry into effect any compromise that is sanctioned by the court.

(d) If it appears to the satisfaction of the court that the interests of persons unknown or the future contingent interests of persons not in being are or may be affected by the compromise, the court must appoint some suitable person or persons to represent such interests in the compromise and to make all proper instruments necessary to carry into effect any compromise that is sanctioned by the court. In the event that by the terms of any compromise made pursuant to this section money or property is