Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-06-01

such loan must, at or before the time of its re-
celpt py the Chief OF Bureau, be fled in the
ofhee OF the Recorder of Deeds or the officer ex-
ercising the functions of Recorder in tie county
OF the State or Territory in which the land de.
scrlbed is situated, or if the land lies in two
or more counties, in such office in each of the
application in such office, such filing shall con-
sntute lien upon the land described for the
amount OF any loan granted by the United
states under such application, and shall De no.
braneers. and shall be paramount lien over
all others with which said land may be further
mcumbered and shall, if the application is
granted, continue until the money thereby Sc
cured, Win interest, costs and legal charges of
coilection, has been fully repaid and satisfied.
section .. That upon filing of such application
with the Bureau of Land Loans the applicant
must deposit sum. the amount of which shall
be prescribed by the Chief of Bureau, sufficient
70 pay the costs of examination of the title to
the land, and inspection and appraisement
tnereol, which examination, inspection and
appraisement shall be made by persons within
the respective counties, to be appointed for that
purpose by the Chief of Bureau and their COM
pensation must be paid out of the amount so
deposited; the balance, il any, to be returned
to the applicant.
Section 10. That if the Chief of Bureau, upon
such application and upon the report of the
commissioners of title and appraisers, is salts
ned that the title is per ect and that the amount
sought does not exceed one-half of the actual
cash value OF the property and is not greater
than one-halt OF the assessed value thereof for
the year previous to application, then it shall
be his duty to notify applicant that the loan is
granted. and to direct an entry to be made upon
the books of his office, ereditng the full amount
OF tne loan to the applicant, and TO transmit to
the proper officer OF the Treasury of the United
States sn order directing him to pay the amount
thereof, in the notes hereinbefore provided for,
to the discussing officer of the Land Loan
bureau, Where the same shall remain, subject
to the order of the applicant, who may at once
or from time TO time as he may desire draw the
same upon his check or draft.
section IL. That the Chief of Bureau, after
having received the report of the commission
eTs OF title and appraisers, and being satisfied
that the title of said land is in the applicant
but that the loan sought is too large, may so
notify the applicant, and advise him that
smaller sum (naming it, would be lent In
case the applicant accepts such smaller loan
proceedings shall be then had, as provided in
section ten thereof, and the Chief of Bureau
snail issue TO such applicant certificate TO be
filed in Recorders office where the original ap-
pllcation is filed, certifying that said loan has
been made for an amount less than is set forth
IN the application Stating it) which certificate
snail, as TO the amount have the effect of re-
therein stated.
Section II. That if upon the land described in
the applcation there is an existing lien or in
cumbrance to secure the payment of money
presently due and payable, and in an amount
less than the loan sought and granted, then the
land shall be deemed unincumbered but in
stead OF paying the amount loaned to the ap-
pncant 1t shall be the duty of the disbursing
oncer, ont of the sum loaned. to pay of the
amount due, and to cause to be discharged the
lien or 1ncumbrance, charging the amount of
such payment to the applicant in like manner
as If II had been paid on his check or draft.
section Is. That il shall be the duty of the
Chlei OF Bureau to cause an account to be
opened, on the books of the Department with
each person TO whom a loan is made crediting
MN with the amount of the loan and charging
t MN Win me amount drawn thereon, with in
terest on the amount so drawn at the rate oftwo
per cent per annum and also to credit to such
account ali payments made, so that such ac-
count shall at all times show the true state of
account between such person and the fTnited
States.
Section IA. That any person who is indebted
to the United States on any of the accounts
aforesaid, may at any time pay into the Bureau
tne Wnole or any part thereof, not less than %
per centum, and may at the time of making
such payment, with the consent of the Chief of
bureau, eject IN writing to make the security
ALREADY gwen continuing one until the ex-
plratIon OF the twenty years, and may at any
time during the life OF the original loan. by
check or draft draw from the Bureau a sum or
sums up to the full amount of the loan originally
grained. IL snail be the duty of the Secretary of
the Treasury to cancel and retire from time to
time amounts equal to the payments made on
loans under the provisions of this Act and in
case payment OF such loans is made in other
currency OF the United States, to cancel an
equal amount of the notes issued under the pro-
visions of this Act.
Section Is. That whenever an application for
a loan is refused, or when loan once made has
peen July paid without an election to continue
the same, the Chief of Bureau shall make a
certificate stating the fact which certificate
nled IN the Office of the Recorder of the county
in which the original application was fled shall
release the lien of the United States upon the
land described in the application
Section 10. That all loans made under the
provisions OF this Act shall bear interest at the
rate OF two per centum per annum payable
annually, andin default of the payment of any
such interest or on any default in the payment
OF principal, the Chief of Bureau may order a
foreclosure OF the lien by a suit in the name of
the United States as plaintiff in any Court Of
the state in which such mortgaged lands, or
any part thereof, may be, or IN any Circuit or
District Court OF the United States for the dis
tIlct IN whlch such mortgaged lands msy lie or
II such mortgaged lands lie in a Territory or i'm
the District OF Columbia, then in such Territorial
or District Courts; all proceedings in foreclosure
cases snail, as nearly as may be, conform to pro-
ceedlngs provided for by law IN the State in
which the land may be situated for foreclosure
OF mortgages, and in addition to the amount of
the principal and interest recovered there shall
and interest due, the cost thereof. and
attorney and counsel fees at the rate of five
per centum on the amount of the principal
sum; provided, that in no case shall such attor-
ney and counsel fees exceed $500.
section IL. That words used in this Act in the
present tense shall include the future as well
as the present. Words used in the masculine
gender shall include the feminine Words used
in the singular number shall include the plural
and the plural the singular; and the word per-
son shall include corporations as well as natural
persons:
Section IS. That the rule of the common law,
that statutes in derogation thereof are to be
strictly construed, shall have no application to
this Act. This Act establishes the law respect
ing the subject to which it relates, and its pro-
visions and all proceedings under it are to be
literally construed with view to its object.
Section IS. That this Act shall be in force
from and after its date.