N.Y. Real Property Tax Law § 966: Surrender of conditional tax receipts

§ 966. Surrender of conditional tax receipts. 1. Upon the surrender of

the conditional tax receipt evidencing the discharge of the obligation

created by the loan contract in connection with which it was issued, the

municipal corporation shall replace it with a receipted tax bill. Such

receipted tax bill shall bear the date of the conditional tax receipt

and no interest or penalty shall be charged to the taxpayer for the

period between the date of the issuance of the conditional tax receipt

and the date of its surrender. All penalties and interest imposed by the

municipal corporation for tax default shall be added to the tax lien

until the discharge of the obligation created by the loan contract in

connection with which the conditional tax receipt was issued, and such

penalties and interest shall be cancelled and be deemed satisfied upon

the discharge of such obligation provided such obligation is discharged

prior to the disposition of the tax lien as provided in section nine

hundred sixty-eight of this chapter.

2. If subsequent to the issuance of the conditional tax receipt,

payment of the taxes is made by any person directly to the municipal

corporation in order to obtain a receipted tax bill, the municipal

corporation shall, upon surrender of the conditional tax receipt, pay

the loan corporation the balance due to it on the loan contract.