§ 1170. Deed in lieu of foreclosure. Any tax district may, when authorized by resolution of its governing body and in lieu of prosecuting a proceeding to foreclose a tax lien on any parcel of real property pursuant to this article, accept a conveyance of the interest of any person having any right, title, interest, claim, lien or equity of redemption in or to such parcel.

Terms Used In N.Y. Real Property Tax Law 1170

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Person: means an individual, a corporation (including a foreign corporation and a municipal corporation), a joint stock association, a partnership, the state, and any other organization, state, government or county which may lawfully own property in the state. See N.Y. Real Property Tax Law 1102
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Tax district: means : (a) a county, other than (i) a county for which the cities and towns enforce delinquent taxes pursuant to the county administrative code, or (ii) a county wholly contained within a city;

    (b) a city, other than a city for which the county enforces delinquent taxes pursuant to the city charter;

    (c) a village, other than a village for which the county enforces delinquent taxes pursuant to section fourteen hundred forty-two of this chapter; or

    (d) a town in a county in which towns enforce delinquent taxes pursuant to the county administrative code. See N.Y. Real Property Tax Law 1102
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