Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-07-29
TENNESSEE.
PU8LEC LAwS-OFE1csAL.

An act to secure the fund arising from the sale of
the school land under the acts passed January
Is, 1914, and January %, 1916, entitled Gan act
to authorize the sale of the Common School
lands in the State of Tennessee. at the wish of
the people of the different townships where they
may be situated, and to perfect titles to the pur-
chasers of the same"
Whereas, By an act of the General AS
sembly of the State of Tennessee, passed
on the l5.h dayof January, 1914, entitled
an act 10 authorize the sale of the Com
mon School lands in the State of Tennes-
see, at the wish of the people of the diff
ferent townships where they may be stu
ated, an act amendatory thereof passed
on the 23d day of January, 1916, it was
provided that the school lands located in
the different townships in the State,
might be sold if the people residing in the
various townships, through the ballot-bOX,
should so declare; and it was further pro-
vided that the Bank Of Tennessee should
be the custodian of the fund arising from
the sale for the use and benefit alone of
the citizens residing within the townships
where tie lands were located; and it was
further provided that where the whole of
the purchase money and interest for any
land sold under the provisions Of said
acts should be paid, a grant from the
State should issue to the person
or persons owning said land, and
Whereas, 1t was inside the duty Of the
Bank Of Tennessee, to control and man
age said fund, aud of the cashiers of said
bank or any of its branches, where said
purchase money and interest was fully
paid, to issue a certificate of such pay
ment TO the purchasers or their assigns
upon which grant TO said land was to
issue; and
Whereas, The Bank of Tennessee has
gone into q state of liquidation, and the
Offices Of cashiers of the same have
ceased TO exist, and there are various
cases where school lands have been sold
and purchased under said acts, in which
the purchase money has not yet been fully
paid and no certificate of the fact fur
nished by the cashier of said bank or its
branches, and legislation is necessary for
the purpose Of preserving the fund and
protecting the purchasers; therefore,
Section !. BE it enacted by the General
Assembly of the State of Tennessee,
That the fund arising from the sale of the
school lands, under and by virtue Of
the acts of the General Assembly
Of the State of Tennessee, passed
January -, 1914, and an act amendatory
thereof passed January %, 1916, wheth-
er in the Bank of Tennessee, or due and
owing from any other person, agent or
attorney, belongs to the people of the
the respective districts of the various
counties Of the State in which said lands
were located.
Sec. 2. Be it further enacted, That all
the fund arising from the sale of school
lands, and which has at any time before
been paid into the Bank Of Tennessee, or
any Of its branches, and not heretofore
accounted for, be paid over by the trus-
tees of 9gi1 bank, to the trustees OF the
respective counties from which said fund
originated upon demand Of such County
Trustee, after having given the bond as
hereinafter required.
Sec. 3. BE il further enacted, That the
Trustee of the Bank of Tennessee turn
over to the proper county trustee, all re-
ccipts of attorneys or agents, given for
the collection Of bonds, notes or claims
made OF held in consideration of the sale
of school lands in their respective Coun-
ties, aud if such receipts embrace bonds,
notes or claims belonging to different
counties, such attorney or agent shall eX-
eCute or cause TO be executed separate
receipts for each county covering the
claims belonging 10 such county in lieu
of his original receipt, with all the proper
payments Endorsed upon each separate re-
cCipt.
Sec. 4. Be it further enacted, That all
money hereafter collected upon bonds,
notes or claims relating to school lands,
be paid over to the trustee Of the county
in which the lands lie.
Sec. 8. BE it further enacted, That the
county Trustee before he is authorized to
receive the funds, or the attorneys or
agents receipts as aforesaid, shall give
bond with sufficient security to be APP
proved by the County Court, payable to
the Judge or Chairman thereof, in double
the sum to which the county is entitled
from the sale of such school lands, con-
ditionod to account for and pay over to
those entitled to the same by law, all