N.Y. Real Property Tax Law § 1150: Agreements by tax districts

§ 1150. Agreements by tax districts. 1. Agreements with other tax

districts. All tax districts are hereby authorized to make agreements

with one another with respect to any parcel of real property upon which

they respectively own tax liens in regard to the disposition of such

liens, of the parcel of real property subject thereto and of the avails

thereof, including, without limiting the generality of the foregoing,

authority to make the agreements referred to in paragraph (b) of

subdivision two of section eleven hundred thirty-six of this article,

and to make agreements for the disposition of the proceeds of real

property upon which tax liens have been extinguished by agreement.

2. Agreements with parties other than tax districts. When a person

other than a tax district has any right, title, interest, claim, lien or

equity of redemption in any parcel which is the subject of a tax lien,

the tax district owning the tax lien may agree with such person that, in

lieu of a sale of the property pursuant to paragraph (a) of subdivision

two of section eleven hundred thirty-six of this article, the rights of

such person shall be released in exchange for a fixed sum or for a share

of the proceeds to be obtained upon the sale of such parcel by such tax

district.