55. Any municipality in default may decree by resolution the consolidation of the arrears of taxes on the following conditions:(1) The resolution shall determine what arrears are subject to the consolidation and the date from which such arrears, with accrued interest, shall be consolidated;
(2) The consolidated amounts shall be payable in equal and consecutive instalments exigible on the date fixed by the resolution;
(3) The consolidated amounts shall cease to bear interest from the date mentioned in the resolution unless the contrary is entailed thereby; any payment not effected at maturity shall bear interest at the rate of five per cent from such date;
(4) Prescription shall not run on the consolidated amounts from the date of their consolidation, but it shall run on each instalment, from the date of its maturity;
(5) The consolidated amounts and the payments shall continue to constitute a privileged claim on the immoveable liable for the payment of the said consolidated amounts;
(6) Whenever an immoveable is put up for sale, upon failure to pay consolidated taxes or instalments thereof, the ratepayer may prevent the sale by paying his taxes due, the matured instalments with interest and the costs occasioned by the proceedings;
(7) The sale of an immoveable, even that having the effect of a sheriff’s sale, shall not affect the consolidation of the arrears which encumber it, and the purchaser (adjudicataire) and any subsequent acquirer shall continue to benefit from the consolidation, and the unmatured instalments shall not become exigible through the seizure and sale of the immoveable and shall not be entered in the list of collocations; these instalments shall continue to encumber the immoveable;
(8) The corporation shall keep a special register in which shall be entered the surname and Christian names of each ratepayer whose arrears have been consolidated, his address, the description of each immoveable liable for the consolidated taxes, the total amount of the sums consolidated and the total amount of each instalment.