§ 63. Partial payment of awards. In any proceeding instituted
pursuant to the provisions of this chapter for the acquisition of title
to property by the city, in which title thereto shall have become vested
in the city by virtue of the entry of an order in compliance with
section sixty-two of this chapter, the city shall be authorized to pay
to the person entitled to an award for property acquired in such
proceeding, in advance of the final determination of his damages, a sum
equal to seventy-five per centum of the assessed valuation of such
property less the liens and encumbrances of record thereon. Before any
such advance payment shall be made the comptroller shall procure the
certificate of the corporation counsel showing that the person to whom
payment is to be made is the person legally entitled to receive the
same. If the city shall authorize a partial payment in advance to any
person entitled to an award, interest on the sum so authorized to be
paid in advance shall cease to run five days after such person shall
have been notified by mail or otherwise that the comptroller is ready to
pay the same. In case the person entitled to an award at the date of the
vesting of title to the property in the city shall have transferred or
assigned his claim, such transfer or assignment made by him, or by his
successor in interest or legal representative, shall not become binding
upon the city unless the instrument evidencing such transfer or
assignment shall have been executed and filed in the office of the
comptroller as provided in this chapter, prior to any such advance
payment. When any such advance payment shall have been made, the
comptroller, on paying the awards made for the property acquired, shall
deduct from the total amount allowed as compensation the sum advanced
plus interest thereon from the date of the payment of such advance to
the date of payment of the final award, and the balance shall be paid as
provided by this article. In case an advance payment shall have been
authorized and the person entitled thereto shall have been notified by
mail or otherwise that the comptroller is ready to make such advance
payment, interest on the amount so authorized to be paid in advance from
a date five days after notification by the comptroller that he is ready
to make such advance payment to the time the person entitled thereto
shall accept such advance payment, shall be deducted by the comptroller
on paying the awards therefor from the total amount allowed as
compensation to such person. Such advance payment shall be made in
accordance with the provisions of section sixty-nine of this chapter.