§ 968. Tax sale provisions. 1. Notwithstanding the issuance of a
conditional tax receipt as herein provided, the procedure provided by a
law for the sale of tax liens or properties for non-payment of taxes
shall in all cases remain unchanged as if the conditional tax receipt
had not been issued; provided, however, that such sale shall not be held
before the expiration of one year from the date of the issuance of any
conditional tax receipt, but must be held within three years from such
date, notwithstanding the provision of any general or special law or
charter provision to the contrary.

2. Prior to a sale, the loan corporation shall be required to exhibit
to the municipal officer having jurisdiction over the sale of tax liens
or properties, the conditional tax receipt showing payments made on the
loan contract, if any, which payments shall be credited, as of the date
of issuance of the conditional tax receipt against the amount of taxes
due against the property to be sold. The municipal corporation receiving
the proceeds of the tax sale shall, upon surrender of the conditional
tax receipt, pay from such proceeds the amount due the loan corporation
on the loan contract in connection with which the conditional tax
receipt was issued.

3. Until payment from the proceeds of the sale has been made to the
loan corporation, or a receipted tax bill has been issued in exchange
for the conditional tax receipt, the loan corporation shall have an
interest in and lien upon the tax lien or properties to the extent of
the unliquidated portion of its loan and the municipal corporation shall
hold such interest and lien for the account of the loan corporation,
subject to the provisions of this title.