§ 40-b. Redemption by mortgagee. 1. The holder of any mortgage which
is duly recorded at the time of the sale, may, at any time after the
sale of all or any part of the mortgaged premises for unpaid taxes or
assessments, and before the expiration of six months after the time of
filing of the evidence of the giving of the notice required by the
preceding section, or, if the notice required by such section is not
given or, if evidence of the giving of such notice be not filed then at
any time within thirty-six months after the sale, and not thereafter,
redeem the premises so sold, or any part thereof from such sale. The
redemption shall be made by filing with the county treasurer a written
description of his mortgage, and by paying to the county treasurer, upon
the certificate of the county treasurer, for the use of the purchaser,
or those claiming under him, the same amount which such holder would be
required to pay upon redemption of such premises if he were an occupant
thereof. In case of failure to redeem within the time herein specified,
the sale and conveyance thereof shall become absolute and the mortgagee
and all other persons claiming title by virtue of any mortgage barred
forever. The holder of such mortgage shall have a lien upon the premises
redeemed for the amount so paid with interest from the time of payment,
in like manner as if it had been included in the mortgage.

2. This section shall apply to sales made prior to March twenty-ninth,
nineteen hundred fifty, as well as to sales made on or after that date,
except that the holder of any mortgage on property sold for unpaid taxes
prior to that date who still has a right to redeem under the statutes in
effect at the time of such sale, whether or not notice to redeem was
given or evidence of such notice filed, may redeem within twelve months
after this act takes effect, and not thereafter.