N.Y. SCT Law § 40-B

§ 40-b. Redemption by mortgagee. 1. The holder of any mortgage which\nis duly recorded at the time of the sale, may, at any time after the\nsale of all or any part of the mortgaged premises for unpaid taxes or\nassessments, and before the expiration of six months after the time of\nfiling of the evidence of the giving of the notice required by the\npreceding section, or, if the notice required by such section is not\ngiven or, if evidence of the giving of such notice be not filed then at\nany time within thirty-six months after the sale, and not thereafter,\nredeem the premises so sold, or any part thereof from such sale. The\nredemption shall be made by filing with the county treasurer a written\ndescription of his mortgage, and by paying to the county treasurer, upon\nthe certificate of the county treasurer, for the use of the purchaser,\nor those claiming under him, the same amount which such holder would be\nrequired to pay upon redemption of such premises if he were an occupant\nthereof. In case of failure to redeem within the time herein specified,\nthe sale and conveyance thereof shall become absolute and the mortgagee\nand all other persons claiming title by virtue of any mortgage barred\nforever. The holder of such mortgage shall have a lien upon the premises\nredeemed for the amount so paid with interest from the time of payment,\nin like manner as if it had been included in the mortgage.\n 2. This section shall apply to sales made prior to March twenty-ninth,\nnineteen hundred fifty, as well as to sales made on or after that date,\nexcept that the holder of any mortgage on property sold for unpaid taxes\nprior to that date who still has a right to redeem under the statutes in\neffect at the time of such sale, whether or not notice to redeem was\ngiven or evidence of such notice filed, may redeem within twelve months\nafter this act takes effect, and not thereafter.\n