Section 1763. Distribution of proceeds upon release of inchoate right of dower

Where an inchoate right of dower is  released  as  prescribed  in
  this  article  and such release is to accompany a sale by the husband of
  the property to which the inchoate right of dower  attaches,  the  court
  shall  make  an  order requiring one-third of the amount realized on the
  sale of the property to which the inchoate right of dower attached to be
  invested by the guardian, committee or conservator,  or  paid  into  the
  court to be held for the benefit of the husband during his life and upon
  his  death for the benefit of the wife during her life, or the court may
  direct said amounts to be  paid  to  the  husband  upon  his  giving  an
  undertaking  in the amount of at least double the amount so received for
  such release, conditioned for the repayment as the court shall direct by
  his executors or administrators of such amount upon  the  death  of  the
  husband,  or  the  court may ascertain the sum in gross representing the
  present value of such inchoate right of dower and direct the payment  of
  that  sum  to the guardian, committee or conservator for the wife. Where
  an inchoate right of dower is released as prescribed  in  this  article,
  and,  at the time of the commencement of the proceeding, the property to
  which the inchoate right of dower attaches has already been sold by  the
  husband,  and  the  wife  has  not joined in the conveyance or otherwise
  released her inchoate right of dower, the  court  shall  make  an  order
  that,  as  the  consideration  for  the  release,  or  as  part  of  the
  consideration therefor, there be paid to  the  guardian,  committee,  or
  conservator  or  into  the  court  an amount to be fixed by the court as
  equal to one-third of the fair market  value  of  the  property,  to  be
  invested  by the guardian, committee or conservator or held by the court
  for the benefit of the person making such payment during the life of the
  husband, and upon his death for the benefit of the wife during her life,
  and upon her death to be returned to the person making such  payment  or
  to his executors, administrators or assigns; or in lieu of such payment,
  the court may allow an undertaking to be given in the amount of at least
  double  the  amount  so  fixed  as equal to one-third of the fair market
  value of the property, conditioned for the payment as  the  court  shall
  direct, upon the death of the husband leaving the wife surviving, of the
  said  sum  so  fixed  as  equal  to  one-third  of the fair value of the
  property, to be held for the benefit of the wife  during  her  life  and
  upon  her  death to be returned to the person giving such undertaking or
  to his executors, administrators or assigns; or, in lieu of such payment
  or undertaking, the court may ascertain the sum  in  gross  representing
  the  present  value  of  such inchoate right of dower in the fair market
  value of the property  and  direct  the  payment  of  that  sum  to  the
  guardian, committee or conservator for the wife.