Investment or deposit of share of persons holding curtesy interest or life estate; appraisement and payment upon petition

A tenant by the curtesy or other life tenant of any real estate sold under the provisions of this chapter shall for the term of that tenant’s life be entitled to have and receive the interest of the proceeds of sale of the real estate, and the Court of Chancery in which such partition is pending may invest the proceeds, after the payment of the costs of the proceedings, or deposit the proceeds in any bank or trust company of this State in such manner that the tenant by the curtesy or other life tenant shall receive the interest and income during that tenant’s life, and the principal shall be paid, after the death of the tenant by the curtesy or other life tenant, to the other parties entitled. Upon the petition of the tenant by the curtesy or other life tenant, or any party to the proceeding, the Court may appraise the value of the interest and direct the payment to the tenant by the curtesy or other life tenant out of the proceeds of sale, the appraised valuation, and distribute the residue among the other parties entitled.