Y-valve may or may not be there
It may be just a tee or wye fitting. Whichever it is, it will in the tank pumpout line. A y-valve is just what the name implies: a y-shaped valve...one hose in, two hoses out, a handle that opens one side or the other. Get out your WM catalog--or any catalog...you'll find pictures of 'em. If it's just a tee or wye fitting, there won't be a handle...whatever's in the hose just follows the line of least resistance--either to the pumpout fitting on deck, or out the thru-hull. A seacock is the valve that opens and closes a thru-hull below the waterline. So...take a look at the tank and see what you've got. If there is a y-valve, and you haven't changed it since the tank was pumped out, you'll have to do that before you can pump the water in the tank overboard. And the seacock also has to be open, or it can get out of the boat.