N.Y. Suffolk County Tax Act § 40-b: Redemption by mortgagee

§ 40-b. Redemption by mortgagee. 1. The holder of any mortgage which

is duly recorded at the time of the sale, may, at any time after the

sale of all or any part of the mortgaged premises for unpaid taxes or

assessments, and before the expiration of six months after the time of

filing of the evidence of the giving of the notice required by the

preceding section, or, if the notice required by such section is not

given or, if evidence of the giving of such notice be not filed then at

any time within thirty-six months after the sale, and not thereafter,

redeem the premises so sold, or any part thereof from such sale. The

redemption shall be made by filing with the county treasurer a written

description of his mortgage, and by paying to the county treasurer, upon

the certificate of the county treasurer, for the use of the purchaser,

or those claiming under him, the same amount which such holder would be

required to pay upon redemption of such premises if he were an occupant

thereof. In case of failure to redeem within the time herein specified,

the sale and conveyance thereof shall become absolute and the mortgagee

and all other persons claiming title by virtue of any mortgage barred

forever. The holder of such mortgage shall have a lien upon the premises

redeemed for the amount so paid with interest from the time of payment,

in like manner as if it had been included in the mortgage.

2. This section shall apply to sales made prior to March twenty-ninth,

nineteen hundred fifty, as well as to sales made on or after that date,

except that the holder of any mortgage on property sold for unpaid taxes

prior to that date who still has a right to redeem under the statutes in

effect at the time of such sale, whether or not notice to redeem was

given or evidence of such notice filed, may redeem within twelve months

after this act takes effect, and not thereafter.