1. In all cases where several persons are the owners, or claim to be the owners of any real estate or chattels real lying within the bounds of the city of New York, having different estates, or estates in common therein, in possession, remainder, or reversion, and which such persons shall, by virtue of such ownership, or claim to such ownership, be entitled, or claim to be entitled, by law to a preemptive right to have, take, or demand the grant or lease of any other land, or easement in land, from such city, the supreme court shall have power, and such court is hereby vested with full power and authority, on the application of either of such owners, or of such city, to decree an absolute sale and conveyance of such right of preemption, and to make such disposition of the net moneys arising from such sale, after the payment of the costs and expenses of the proceedings, as shall be just and proper, according to the rights and interests of such several owners.
2. Whenever any owner shall reside in the city of New York, notice of such intended application shall be served personally on such owner, or by leaving the same at his dwelling-house with some person of suitable age and discretion at least twenty days before such application is made; and in all cases where such owner shall reside out of such city and within any of the United States, and such place of residence be known to the applicant, such notice shall be served by mail, addressed to such owner at his place of residence, at least three months before such application is made. Proof of such service by affidavit shall be made to the court before any order of sale shall be made. Any of the parties to such suit may become the purchaser on such sale.
3. In all cases where any owner shall be an infant, a guardian shall be appointed for such infant, who shall give the like security, and possess the like powers, and discharge the like duties as in cases for the partition of lands.
4. Such sale shall be made and conducted on like notice by the like officer, and in the same manner and form as sales of real estate on the foreclosure of a mortgage by virtue of a decree or order of such court, and a deed of conveyance for such right of preemption shall in like manner be executed and delivered to the purchaser, which deed shall vest in the purchaser absolutely all the claim, right, title, and interest of the owner of such right of preemption, and every 1 of them, of, in or to such right of preemption thus sold and conveyed; provided always, in every case the applicant shall give six weeks' previous notice of such intended application if the owners entitled by law to such preemption right are residents, and six months' previous notice of such intended application if the owners entitled by law to such preemption right are non-residents of the state, by publication for three months successively, twice in each week, in two of the daily papers published in such city prior to such application to the court for an order of sale; and provided also, that the court shall be satisfied that such order of sale shall not interfere with or impair the obligation contained in any lease or contract made by such city to or with any person or persons whatsoever.
5. Whenever a right of dower, whether inchoate or consummate, a tenancy by curtesy, or any other estate for life or for years shall have existed in the preemptive rights so sold and conveyed, the owner of such particular estate in the rights sold is entitled to receive from the moneys arising from such sale either a sum in gross or the earnings of a sum invested for his benefit. The determination as to whether a sum in gross or the earnings of a sum invested shall be awarded to the owner of such particular estate shall be governed by the provisions of section 968 with respect to the proceeds of a sale in partition.
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