Sec. 74-72. - Taxes due upon transfer of title; exception; priority of city's lien.

(a)

Upon any change in the manner of holding title to the property, any transfer or mortgaging of the premises which are the subject of deferred taxes, other than the taking in fee simple of a husband or wife through survivorship of a joint tenancy or tenancy by the entireties, the entire amount of deferred taxes with accrued interest thereon at the prescribed rate must be paid to the finance director and the city's lien shall be discharged upon such full payment plus interest.

(b)

The city's lien shall take priority to and shall be the subject of demand for immediate payment in full of all taxes deferred plus interest thereon, in the event of any form of insolvency proceeding being filed with, by or against the applicant or applicants, petitioning the court to creditors arrangement, bankruptcy, partnership, receivership, or any other form of insolvency proceeding, immediately upon the filing of said petition.

(c)

Upon the death of an owner in fee simple applicant, or in the case of a husband and wife, upon the death of the surviving husband or wife, the accrued deferments shall be payable in full plus the prescribed interest before this lien shall be discharged, and said lien shall rank as a priority claim against the assets and the estate of the applicant or survivor, and as a priority lien against the real estate for which said deferred taxes were granted.

(Code 1971, § 21-32)