N.Y. Real Property Tax Law § 964: Deposit and delivery of conditional tax receipts

§ 964. Deposit and delivery of conditional tax receipts. 1.

Immediately upon the execution of the loan contract between the taxpayer

and the loan corporation, the loan corporation shall pay to the

municipal corporation the moneys provided for therein. The taxpayer

shall make payments on the loan to the banking institution with which

the conditional tax receipt has been deposited for the account of the

loan corporation.

2. When made, such payments shall be entered and acknowledged by the

banking institution upon the conditional tax receipt, which receipt

shall remain in the possession of the banking institution until either

the loan is fully discharged or a default occurs thereon. In the event

the loan is fully discharged, the conditional tax receipt shall be

endorsed "paid" and delivered to the taxpayer or person making the

payment. In the event of default, the conditional tax receipt shall be

returned to the loan corporation at its option.