If any record owner shall redeem the lands, as aforesaid, it shall be the duty of the treasurer to repay to the purchaser at the sale, from the amount so paid in redemption, the amount paid by him for the lands so redeemed, with interest thereon; and thereafter the former owner so redeeming the same shall hold the same discharged from the lien of the assessments so paid by him, but subject to all assessments which may thereafter become due or be made upon the lands; but if the lands be not redeemed within the period, it shall then be the duty of the treasurer to execute and deliver to the purchaser of the lands a good and sufficient deed therefor, with special warranty, in which deed the clerk of the circuit court of the county shall join, and the purchaser shall thereafter hold the lands in fee simple, subject only to assessments thereafter becoming due thereon.

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1927, p. 17; Michie Code 1942, § 1771a.