70-29-326. Tenant for life or years -- compensation upon sale. (1) The person entitled to a tenancy for life or years or who has a right or inchoate right of dower and whose estate has been sold is entitled to receive a sum that may be considered a reasonable satisfaction for the estate and that the person entitled may consent to accept instead of the right by an instrument in writing filed with the clerk of the court. Upon the filing of the consent, the clerk shall enter the consent in the minutes of the court.
(2) If the consent is not given, filed, and entered, as provided in subsection (1), at or before a judgment of sale is rendered, the court shall ascertain and determine what proportion of the proceeds of the sale, after deducting expenses, will be a just and reasonable sum to be allowed on account of the estate and shall order the sum to be paid to the party or deposited in court for the party, as the case may require.
(3) If the persons entitled to the estate for life or years are unknown, the court shall provide for the protection of their rights in the same manner as if they were known and had appeared.