Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 7202. Arrangement proceedings by persons other than corporations

Whenever any arrangement respecting a person other than a corporation has been or shall hereafter be proposed pursuant to the provisions of Chapter XII of the Act of the Congress of the United States, approved the first day of July, one thousand eight hundred ninety-eight, entitled, “An Act to Establish a Uniform System of Bankruptcy Throughout the United States”, and the amendments and supplements thereto,  1 or of any similar Act of Congress, which arrangement fixes a sum to be paid for the discharge and satisfaction of all claims due by such person to any political subdivision, which sum may be less than the total amount of such claims, but shall be not less than the net amount which could be realized at a tax sale of the real property against which such taxes may be or might become a lien or by enforced collection against such person, then and in such event the tax levying body of any political subdivision shall have power to file its written acceptance of said arrangement, accompanied by a copy of the ordinance or resolution authorizing the acceptance of such arrangement in the court having jurisdiction of the proceeding for such arrangement, and, upon confirmation by such court of such arrangement, shall accept in full satisfaction for such claims the amount so fixed in said arrangement.  Upon payment over to the political subdivision of the amount so fixed the tax levying body of such political subdivision shall cause satisfaction to be entered on the proper record for such claims.