Section 968. Tax sale provisions

1.  Notwithstanding the issuance of a
  conditional tax receipt as herein provided, the procedure provided by  a
  law  for  the  sale  of tax liens or properties for non-payment of taxes
  shall in all cases remain unchanged as if the  conditional  tax  receipt
  had not been issued; provided, however, that such sale shall not be held
  before  the  expiration of one year from the date of the issuance of any
  conditional tax receipt, but must be held within three years  from  such
  date,  notwithstanding  the  provision  of any general or special law or
  charter provision to the contrary.
    2. Prior to a sale, the loan corporation shall be required to  exhibit
  to  the municipal officer having jurisdiction over the sale of tax liens
  or properties, the conditional tax receipt showing payments made on  the
  loan  contract, if any, which payments shall be credited, as of the date
  of issuance of the conditional tax receipt against the amount  of  taxes
  due against the property to be sold. The municipal corporation receiving
  the  proceeds  of  the tax sale shall, upon surrender of the conditional
  tax receipt, pay from such proceeds the amount due the loan  corporation
  on  the  loan  contract  in  connection  with  which the conditional tax
  receipt was issued.
    3. Until payment from the proceeds of the sale has been  made  to  the
  loan  corporation,  or  a receipted tax bill has been issued in exchange
  for the conditional tax receipt, the  loan  corporation  shall  have  an
  interest  in  and  lien upon the tax lien or properties to the extent of
  the unliquidated portion of its loan and the municipal corporation shall
  hold such interest and lien for the account  of  the  loan  corporation,
  subject to the provisions of this title.