Section 1762. Distribution of proceeds to owner of particular or reversionary estate

1. When real property has been disposed of so as to
  include a particular reversionary estate, as provided in  sections  1746
  and  1747,  the court shall direct that the value of such estate be paid
  from the proceeds of disposition.
    2. The manner of payment may be either  in  a  gross  sum  or  by  the
  investment of a just proportion of the proceeds until the termination of
  the prior estate or the commencement of a future estate.
    3.  If  a  prior  estate  has  been included, income from the invested
  proceeds shall be paid to the owner of such estate. But no such  payment
  shall  be  made  nor  shall any gross sum be paid to such owner until an
  effectual release of the right or estate of the  person  so  consenting,
  executed  to  the  satisfaction  of  the court, and duly acknowledged or
  proved, and certified, in like manner as a deed to be recorded, has been
  filed with the clerk.
    4. If a future estate has been included, the invested  proceeds  shall
  be  paid  to  the  owner  of such estate at the time of the commencement
  thereof.