Section 964. Deposit and delivery of conditional tax receipts

1.
  Immediately upon the execution of the loan contract between the taxpayer
  and the  loan  corporation,  the  loan  corporation  shall  pay  to  the
  municipal  corporation  the  moneys  provided  for therein. The taxpayer
  shall make payments on the loan to the banking  institution  with  which
  the  conditional  tax  receipt has been deposited for the account of the
  loan corporation.
    2. When made, such payments shall be entered and acknowledged  by  the
  banking  institution  upon  the  conditional  tax receipt, which receipt
  shall remain in the possession of the banking institution  until  either
  the  loan  is fully discharged or a default occurs thereon. In the event
  the loan is fully discharged,  the  conditional  tax  receipt  shall  be
  endorsed  "paid"  and  delivered  to  the  taxpayer or person making the
  payment. In the event of default, the conditional tax receipt  shall  be
  returned to the loan corporation at its option.