§ 1150 — Agreements by tax districts

§ 1150. Agreements by tax districts. 1. Agreements with other tax\ndistricts. All tax districts are hereby authorized to make agreements\nwith one another with respect to any parcel of real property upon which\nthey respectively own tax liens in regard to the disposition of such\nliens, of the parcel of real property subject thereto and of the avails\nthereof, including, without limiting the generality of the foregoing,\nauthority to make the agreements referred to in paragraph (b) of\nsubdivision two of section eleven hundred thirty-six of this article,\nand to make agreements for the disposition of the proceeds of real\nproperty upon which tax liens have been extinguished by agreement.\n 2. Agreements with parties other than tax districts. When a person\nother than a tax district has any right, title, interest, claim, lien or\nequity of redemption in any parcel which is the subject of a tax lien,\nthe tax district owning the tax lien may agree with such person that, in\nlieu of a sale of the property pursuant to paragraph (a) of subdivision\ntwo of section eleven hundred thirty-six of this article, the rights of\nsuch person shall be released in exchange for a fixed sum or for a share\nof the proceeds to be obtained upon the sale of such parcel by such tax\ndistrict.\n