§ 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.