New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 38-7

When it shall appear to the satisfaction of the superior court in an action by the guardian of an infant or mental incompetent that the real estate of his ward is subject to a right or estate of dower or curtesy, or to an estate for life or years devised in lieu thereof, and that the person entitled to dower or curtesy, or other estate, consents to release said right or estate, and to accept in lieu thereof either a gross sum, or the investment of a reasonable sum in such manner that the interest thereon shall be payable to the person consenting thereto during the period for which his or her right or estate would by its own limitation continue, and that it is to the advantage of the ward that such gross sum be paid or investment made, the court may, after such consent has been filed with the clerk of the court and an effective release has been executed, direct the payment of such sum in gross to, or the investment of a sum for, the person entitled in the manner aforesaid.

In order to raise said sum the court may direct said sum taken out of the proceeds of the sale, mortgage or conveyance, or the court may authorize the guardian to borrow on the security of a bond and mortgage on such real estate upon such terms as it may approve.