New York Laws
Title 4 - General Provisions
1150 - Agreements by Tax Districts.

§ 1150. Agreements by tax districts. 1. Agreements with other tax
districts. All tax districts are hereby authorized to make agreements
with one another with respect to any parcel of real property upon which
they respectively own tax liens in regard to the disposition of such
liens, of the parcel of real property subject thereto and of the avails
thereof, including, without limiting the generality of the foregoing,
authority to make the agreements referred to in paragraph (b) of
subdivision two of section eleven hundred thirty-six of this article,
and to make agreements for the disposition of the proceeds of real
property upon which tax liens have been extinguished by agreement.

2. Agreements with parties other than tax districts. When a person
other than a tax district has any right, title, interest, claim, lien or
equity of redemption in any parcel which is the subject of a tax lien,
the tax district owning the tax lien may agree with such person that, in
lieu of a sale of the property pursuant to paragraph (a) of subdivision
two of section eleven hundred thirty-six of this article, the rights of
such person shall be released in exchange for a fixed sum or for a share
of the proceeds to be obtained upon the sale of such parcel by such tax
district.