Weekly Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1853-1861, 1855-03-15

when committed.
SEC. -. At any time when five voters Of any congress
charge OF the school land belonging such township,
set forth their desire for the sale Of all any part Of the
school land the shall give notice in live public
places in such townships of the time and place in such
township when and where ballotng will be had 10 de-
ernine whether the land shall be sold peOned for
which notice shall be given at least twenty days
before the time specified therein.
SIC. *. copy of such petition shall be entered
the book containing the record of the proceedings Of
such trustees aud their action thereon shall he also re-
corded.
write ON his ballot the word sale y fhe oppose the sale
/ he shall write the words no sale.''
SIC. y. No such sale shall he allowed unless a MAORI
" all in such township shall
il. unless the number OF votes constituting such
majority shall exceed fifteen.
SIC. rs. Of the to be designated by the
board, shall attend the time aud place specified
who shall make out certificate showing the number of
votes given for and against such sale, which shall be
signed by him and delivered to the board of township
trustees who shall enter the same upon their record
book.
Src g. Such trustees il satisfied that ,iortv and
more than fifteen have voted for ale shall
enter their opinion upon their record boob and prD
ceed.
FIRST To divide the lands 50 voted to sold into such
| lots as will insure the best price.
Sscoad, To aaix minimum price to each lot. not less
than one dollar and twenty live cents per acre, below
which il shall not be sold.
Third, To certify such division and appraisement to
the proper county auditor together with copy OF all
their proceedings had in relation 10 the sale OF said lands
SEC. ~ Such certificate and shall by such audi
their first meeting thereafter, and said board if satisfied
that requirements of the law have been substantially
complied WITH shall direct such land 10 be sold which
sale shall be- conducted as follows:
Fsrsf. II shall be made by the auditor and treasurer
Second. -Four weeks notice Of the same shall be given
by posting up notices thereof in three public places In
the township where the land Is situated and the court
house door, and by publication in newspaper published
in said county, Il any otherwise in the newspaper in the
state, nearest thereto.
SEr - One fourth of the purchase money shall be
paid in hand, and interest for the residue for year
and in tar franf alsul4
with like interest annually in advance.
SEC 40 On failure to pay any such annual Interest
wnen the becomes due, the contract shall tccome
forfeited and the land shall Immediately 10 the
township and the auditor aud treasurer shall forthwith
proceed again To sell the same ON the terms above
SEC. ~. IL on such second sale such land shall pro-
duce than sufficient To pay the owing therefor,
with interest and costs, and five per cent. damages the
residue SHALL when collected paid TO the first
purchaser, or his legal representative. - a.
SEc. -. Al any time before SALE payment o The q
due with interest the delay, and al essts, to.cth
with two per cent. damages the due for said an
shall prev such sale and revive the original contract
SIC. -. In OF such forfeiture, the original pur-
chaser may be sued for waste unnecessary injury done
To- such land.
SEc. a.. such suit shall BE- prosecuted by the auditor
IA the name Of The State for the use of the proper
gressional township
remain unsoid the county auditor may dispose
same at private sale, for the best price that be had
therefor, not being less than the minimum price affixed
thereto.
src. NJ. certified statement Of such sale shall be
made and signed by the auditor, and being first recoriey
by such auditor In the records of the board OF county
commissioners shall be delivered to the purchaser when
he make first payment and shall entitle him deed
complied with.
SIZE a. Every purchaser until Forfeiture shall he
titled 10 all the rights of possession before existing such
trustees townships and tO all rights and remedies for
rents becoming DUE breaches Of covenant accruing
after his purchase, under any lease existing at the time
of his purchase, and for all waste committed thereafter.
SIC. A.. 4 purchaser such sale failing make the
first payment above required, shall ten per ceninm
on the bid To be recovered by action before
court having jurisieton To be prosecuted for by the
county auditor in the of the State, for the
the proper township, ana the auditor and the treasurer
shall he competent witnesses.
20 Assignments of certificates Of purchase shall
be valid only il acknowledged before The county audi
Tor, Who shall record the
SIC 50. When residue OF purchase money becomes
due. the purchaser retain the same loan, for
term not exceeding three years. on annually in
advance of the Interest thereon, at the rate then esiab
lsed by law for loans Of such funds but he shall receive
deed until full payment is made.
81. Purchasers AT any time before due, pay
part The whole OF such purchase money.
SEc So When any sneh certificate shall be lost de
stroyed before deed be made proof thereof by a-
dav of the person Interested other competent iesti
Ia be filed with The county auditor, aud after three
months notice Of intention I" apply for new certificate
given IN newspaper published nearest l. where the
land lies such auditor issue the same Ia The person
entitled thereto.
SEc So Purchase money and interest," and all costs
aud damages above provided for, shall be paid Ia the
Of the proper comfy, aud his receipt therefor
ned by the person paying with the county auditor who
SEc. 81 When such payment is in completion of any
contract Of sale, the amount of such receipt shall be
dorsed by the county auditor the certificate of pur
chase.
SIC 81 On full payment for such land deed shall be
executed by the county auditor d entered the record
book Of the board Of the county commissioners.
SEs. 50. Such deed shall be executed and aeknowl-
edged at the cost Of the grantee 10y the county auditor as
in other eases and thus executed aud delivered, shall
in the grantee, his heirs aud assigns forever,
I,iete title Ia the land
SEE 81. The voters OF any congressional township
maj i'm ne abs nf "A ME IN al A
thereof, petition the proper board Of township trustees
for such sale, and such petition, II signed by majority
of all the voters Of the township, shall be filed with the
county auditor, and the proceedings shall be had
provided in tse preceding sections upon vote Of the
ton and certificate shall also be- recorded In the record
book of the board Of township trustees and Of the eoan-
~ auditor.
or INVESTMENT FUNDS HELD THE BENEFIT OF
COMMON SCHOOLS CONGRESSIONAL TOWNSHIPS
Src 81 The principal OF all moneys, whether belong
ing the school fund the congressional
townships and received into te county treasury, shall be
loaned and the interest paid out as prescribed
Act; and any Judgment upon any such note or mortgages
shall bear pee cent Interest from the date shereof
Till the same is lEid.
tor, who shall inform himself Of the value Of all real es-
tate offered in mortgage and he satisfied Of the validity
Of The title thereof and all persons applying fpr loan
shall produce to said auditor lille papers showing clear
title in fec simple without incumbanee, and not derived
through any executors administrator sale or sale on
SEc CO. The township trustees, three disinlere sted
freeholder Of the neighborood shall appraise any land
offered in mortgage.
SIC Il. Such appraisers being first officially sworn
shall examine and appraise such land and sign and give
To the applicant certificate setting forth the fair cash
value Of the land at the time, without taking into
/ sideraton perishabte Improvements.
SEC. e. In making such loans preference shall be given
the inhabitants Of the county il the security he ade
qnae, and land shall be received security unless
situated in the county where the loan is made.
SEC. g. The amount loaned 10 any person company
shall exceed three hundred dollars.
SEC. ca. The applicant for loan shall file with the
dtor the certificate of the clerk and recorder showing
that there j. no neumbrnee On said land ia either of
| their offices.
SEC. Co. Snch applicant shall also make that there
Is encumbrance better claim that he knows Of
the abstract Of title presented by him, j., he
1SEc Co. No such loan shall be made for a longer term
than five years
SEC o. The snm loaaed shall not exceed one-haf Of
the appraised yaiue of the premises proposed 10 be mort
gagged, clear of all perisllable Improvements
SEC. Ca The auditor shall have power administer
all oaths, and take all Acknowledgements required by this
act.
SEC. Mortgages taken for loans shall be con-
idered OF record from the date thereof and shall
yeyanees previously recorded, and OF all other liens
not previously incurred in the county where the land
lies
\ 20. The auditor shall such mortgages 10 he
recorded Immediately, retaining the cost Of recording
out of the money borrowed.
SEC. IL. The rate ofnterest shall he per
per annum, payable annually In advance.
SIC. -. On failure 10 pay any nsalment Of interest
when the same become due, the prdcipal shah
mortgage may be proceeded on and collected.
SIC. -. The mortgage may be in substance follows
and the auditor shall specify therein whether the same
ioaal township fund, and if the latter, particular
township whose funds are thus loaned.
MORTGAGE.
SEC. "a. I, A. b., Of the county Oh IN the
State of Indiana for the Of (hsrs describe the rad
Of which the j. nade) mortgage all Asre de-
scribe fhs LaSd) for the payment of - dollars with
interest at the of per per annunl, paya-
bic annually IN advance according u the conditions