Section 63. Partial payment of awards

In  any proceeding instituted
  pursuant to the provisions of this chapter for the acquisition of  title
  to property by the city, in which title thereto shall have become vested
  in  the  city  by  virtue  of  the  entry of an order in compliance with
  section sixty-two of this chapter, the city shall be authorized  to  pay
  to  the  person  entitled  to  an  award  for  property acquired in such
  proceeding, in advance of the final determination of his damages, a  sum
  equal  to  seventy-five  per  centum  of  the assessed valuation of such
  property less the liens and encumbrances of record thereon.  Before  any
  such  advance  payment  shall  be made the comptroller shall procure the
  certificate of the corporation counsel showing that the person  to  whom
  payment  is  to  be  made  is the person legally entitled to receive the
  same. If the city shall authorize a partial payment in  advance  to  any
  person  entitled  to  an  award, interest on the sum so authorized to be
  paid in advance shall cease to run five days  after  such  person  shall
  have been notified by mail or otherwise that the comptroller is ready to
  pay the same. In case the person entitled to an award at the date of the
  vesting  of  title to the property in the city shall have transferred or
  assigned his claim, such transfer or assignment made by him, or  by  his
  successor  in interest or legal representative, shall not become binding
  upon  the  city  unless  the  instrument  evidencing  such  transfer  or
  assignment  shall  have  been  executed  and  filed in the office of the
  comptroller as provided in this  chapter,  prior  to  any  such  advance
  payment.  When  any  such  advance  payment  shall  have  been made, the
  comptroller, on paying the awards made for the property acquired,  shall
  deduct  from  the  total amount allowed as compensation the sum advanced
  plus interest thereon from the date of the payment of  such  advance  to
  the date of payment of the final award, and the balance shall be paid as
  provided  by  this  article.  In case an advance payment shall have been
  authorized and the person entitled thereto shall have been  notified  by
  mail  or  otherwise  that  the comptroller is ready to make such advance
  payment, interest on the amount so authorized to be paid in advance from
  a date five days after notification by the comptroller that he is  ready
  to  make  such  advance  payment to the time the person entitled thereto
  shall accept such advance payment, shall be deducted by the  comptroller
  on  paying  the  awards  therefor  from  the  total  amount  allowed  as
  compensation to such person.   Such advance payment  shall  be  made  in
  accordance with the provisions of section sixty-nine of this chapter.