§ 966 — Surrender of conditional tax receipts

§ 966. Surrender of conditional tax receipts. 1. Upon the surrender of\nthe conditional tax receipt evidencing the discharge of the obligation\ncreated by the loan contract in connection with which it was issued, the\nmunicipal corporation shall replace it with a receipted tax bill. Such\nreceipted tax bill shall bear the date of the conditional tax receipt\nand no interest or penalty shall be charged to the taxpayer for the\nperiod between the date of the issuance of the conditional tax receipt\nand the date of its surrender. All penalties and interest imposed by the\nmunicipal corporation for tax default shall be added to the tax lien\nuntil the discharge of the obligation created by the loan contract in\nconnection with which the conditional tax receipt was issued, and such\npenalties and interest shall be cancelled and be deemed satisfied upon\nthe discharge of such obligation provided such obligation is discharged\nprior to the disposition of the tax lien as provided in section nine\nhundred sixty-eight of this chapter.\n 2. If subsequent to the issuance of the conditional tax receipt,\npayment of the taxes is made by any person directly to the municipal\ncorporation in order to obtain a receipted tax bill, the municipal\ncorporation shall, upon surrender of the conditional tax receipt, pay\nthe loan corporation the balance due to it on the loan contract.\n