In any of the following cases, a special proceeding may be maintained to dispose of the real property or an interest in real property of an infant, incompetent person or conservatee.
1. Where his personal property, together with the income of the real property are insufficient for the payment of his debts or for the maintenance and necessary education of himself and his family.2. Where his interests require or will be substantially promoted by disposition, because the real property or interest in real property is exposed to waste or dilapidation, or is wholly or substantially unproductive, or because funds are needed to preserve or to improve the same, or because of other peculiar reasons or circumstances.3. Where he is seized or possessed of the real property, or interest in real property, by way of mortgage, or only in trust for another.4. Where a valid contract for the sale or conveyance of the real property or interest in real property has been made, but a conveyance thereof cannot be made because the person in whom the title is vested is an infant, an incompetent, or a conservatee.5. Where his interest will be substantially promoted by releasing or joining with others in releasing for a valuable consideration the possibility of reverter.6. Where his interest will be substantially promoted by the exchange of a portion of his real property for lands adjacent to such real property if such exchange would tend to improve the boundary line of such real property.N.Y. Real Prop. Acts. Law § 1711