New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 34-6

The income derived from the investments, including the securities and mortgages received on the sale of the real estate, or such part of the income as the court may direct, shall be paid to the person or persons who would, for the time being, according to the limitations upon the real estate sold or the proceeds thereof, have been entitled to the particular estate therein, in proportion to their respective shares therein. Such income shall, unless the court shall otherwise direct, be paid directly to the person or persons entitled thereto, semi annually or otherwise as the court shall direct.

The court may, where justice requires, direct part of the income only to be paid to the tenant of a particular estate in the real estate sold, and the residue of such income to be accumulated for the tenant in remainder in fee or the person having a like interest in the proceeds arising from a sale of such real estate.

When, by the limitations upon the real estate sold, the absolute fee to the whole thereof, or to a share therein, would have vested in any person, the whole or the proper share of such person in the proceeds of the sale of the real estate, together with the accumulated income, if any, shall be paid by the court to such person.