281 A.D. 901 | N.Y. App. Div. | 1953
On November 30, 1951, the life tenant and presumptive remainderman of certain real property contracted to sell the property to appellant, subject to the approval of the court. Upon application for such approval under the provisions of section 107-a et seq. of the Real Property Law, the matter was referred to a Referee to hear and report. Prior to the conclusion of the hearings before the Referee, an offer of a higher price was received for the property from respondent Lodge Gate Forest, Inc. The Referee reported that the second sentence of section 107-1 of the Real Property Law required the approval of the sale to appellant. In rejecting that portion of the Referee’s report, Special Term held that the statute required the court to look to the welfare of the owners of future interests and that it was to their best interests to accept the higher offer and to disapprove the contract of November 30, 1951. This is an appeal from so much of the order which disapproves the report of the Referee recommending the sale of the property to appellant and authorizing the execution of a contract
