63 - Partial payment of awards. - New York Statutes

§ 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.