§ 992. Action for sequestration. 1. Notwithstanding any provisions of
a county tax act to the contrary, it shall be the duty of the attorney
general, upon being informed by the county treasurer of any county
having a population of one hundred thousand or less that any corporation
refuses or neglects to pay the taxes imposed upon it pursuant to this
chapter, to bring an action in the supreme court for the sequestration
of the property of such corporation.

2. Whenever any corporation refuses or neglects to pay the taxes
imposed upon it pursuant to this chapter, the chief fiscal or legal
officer of a municipal corporation having a population in excess of one
hundred thousand empowered to enforce the collection of delinquent taxes
to whom said taxes are due and owing may bring an action in the supreme
court for the sequestration of the property of such corporation.

3. The court may sequestrate the property of such corporation for the
purpose of satisfying taxes in arrears, and may in its discretion enjoin
such corporation from further proceedings under its charter until such
tax and the costs incurred in the action have been paid. The attorney
general or the chief fiscal or legal officer of a county having a
population in excess of one hundred thousand to whom such tax is owing,
whichever official has initiated the action for sequestration may
recover such tax with costs from such delinquent corporation by action
in any court of record.

4. The attorney general may, at his or her own discretion, also assume
the authority of this section upon the joint request of the chief fiscal
officer and legal officer of the municipal corporation having a
population in excess of one hundred thousand empowered to enforce the
collection of delinquent taxes in which such real property is located.
Such request must attest that the unpaid taxes were levied no earlier
than four years prior to such request, and that (i) such action by
either the chief fiscal officer or chief legal officer would constitute
a conflict of interest, or (ii) the real property subject to such action
is part of a system which provides water or sanitary sewerage services
to property owners and the rates for such services are regulated by the
public service commission. In the event that the attorney general
assumes the authority of this section following such request, all
expenses incurred by the attorney general, including the salary or other
compensation of all deputies employed, shall be a charge against the
municipal corporation having a population in excess of one hundred
thousand making such request, provided, however, that in no event shall
such charges payable to the attorney general exceed the amount of unpaid
taxes actually recovered pursuant to this section.