§ 964. Deposit and delivery of conditional tax receipts. 1.
Immediately upon the execution of the loan contract between the taxpayer
and the loan corporation, the loan corporation shall pay to the
municipal corporation the moneys provided for therein. The taxpayer
shall make payments on the loan to the banking institution with which
the conditional tax receipt has been deposited for the account of the
loan corporation.

2. When made, such payments shall be entered and acknowledged by the
banking institution upon the conditional tax receipt, which receipt
shall remain in the possession of the banking institution until either
the loan is fully discharged or a default occurs thereon. In the event
the loan is fully discharged, the conditional tax receipt shall be
endorsed "paid" and delivered to the taxpayer or person making the
payment. In the event of default, the conditional tax receipt shall be
returned to the loan corporation at its option.