N.Y. Real Prop. Tax Law § 964

§ 964. Deposit and delivery of conditional tax receipts. 1.\nImmediately upon the execution of the loan contract between the taxpayer\nand the loan corporation, the loan corporation shall pay to the\nmunicipal corporation the moneys provided for therein. The taxpayer\nshall make payments on the loan to the banking institution with which\nthe conditional tax receipt has been deposited for the account of the\nloan corporation.\n 2. When made, such payments shall be entered and acknowledged by the\nbanking institution upon the conditional tax receipt, which receipt\nshall remain in the possession of the banking institution until either\nthe loan is fully discharged or a default occurs thereon. In the event\nthe loan is fully discharged, the conditional tax receipt shall be\nendorsed "paid" and delivered to the taxpayer or person making the\npayment. In the event of default, the conditional tax receipt shall be\nreturned to the loan corporation at its option.\n