The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-01-06

NASSI al OuLI " wi UG
made upon the books of his Office. credit
ing the full amount of the loan to the an
pllcant, aud to transmit the proper officer
OF the treasury of the United States an
order directing him to pay tae amount
thereof, in the notes h~ereinbefore 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 pom his check
or draft.
Sec. IL. That the chief of bu, eau, after
having recei ged the report of the COM
m~lssioners of title and appraisers, and De-
ing saElsied that the title to said land is
IN the applicant, but that the loan sought
is too large, may so notify the applicant.
and advise him that a smaller sum mann
ing 1t) would be lent. In case the appE-
cant accepts such smaller loan proceed
lngs shall be then had, as provided in sec
ton 10 thereof, and the chief Of bureau
shall issue to such applicant a Ger ifcate
to be filed in recorders Office, where the
original application is filed, certifying that
said loan has been made for an amount
less than is set forth in the application
Stating it), which certii cate shall, as to
/ bIO dLuOuuI, udN6 Tic CuSCL Ol IGO4 CluR
the lien of the United States to the sum
therein stated.
Sec. II That if upon the land described
in the application there is an existing lien
or incumbrance to secure the payment Of
money pre- sently due and payable, and in
an amour less than the loan sought and
granted, then the land shall be deemed
unencumbered, but instead of paying the
amount l)sned to the applicant, it shall be
the duty of the disbursing officer, out of
the sum loaned, to pay off the amount
due, and t. cause to be discharged the
lien or incumbrance, charging the amount
of such payment to the applicant in like
m amer as if it had been paid on his check
or draft.
SeA 13. That it shall be the duty of the
chief 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 him with the amount of the
loan, and chargir g him with the amount
1Tawn thereon, with interest on the amount
so drawn at the rate of 2 per centum per
annum, and also to credit to such &C count
all payments made, so that such account
shall at all times show the true state of
account between such person an the
United States.
Sec. IA. That any person who is in
debted to the United States IN any of the
accounts aforesaid, may at any time pay
into the bureau the whole 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.
elect in writing to make the security al
ready given a continuing one until the ex
p~irstion of the twenty years, and may at
any time during the life of the original
loan, by check or DIR Aft, draw from the
bureau a sum or sums up to the full
amonnt of the loan originally granted. 1t
shall be the duty of the Secretary of the
Treasury to cancel and retire from time
20 tim4 amounts equal to the payments
made on loans under the prov sions of
this act, and in ca 'e payment of such loans
is made in other currency of the United
States, to cancel an equal amc INT of the
notes issued under the provisions of this
act.
Sec. Is. That whenever an application
for a loan is refused, or when a loan once
made has been fully paid without an cleo
ton to continue the same, the chief of
bureau shall make a certificate stating the
fact, which Ger ificate, filed in the off &c
of the recorder of the county in which
the original application was filed, shall re-
lease the lien Of the United States upon
the land described in the application.
Sea 16. That all loans made under the
provisions of this act shall bear interest
at the rate of 2 per centum per annum
payable annually, and in 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 mortgag ed land
or any part thereof may be or in any cir
cult or district court IF the United States
for the district in which such mortgaged
lands may lie, or if such mortgaged lands
lie in a territory, or in the District OF
Columbia, then in such territorial or dis
ltrict courts; all proceedings in foreclosure
cases shall, as nearly as may be, conforn
to proceedings provided for by law in the
State in which the land may be situated
for foreclosure of mortgages, and in ad-
dition to the amount of the principal and
interest recovered there shall, in such pro-
ceedings, be added to the principal and
inter- est due, the cost thereof, and attor
Hey anu cOunsol Ices u INC Iale VI y PEI
centum on the amount of the principal
sum; provided, that in 40 case shall such
attorney and counsel fees exceed $500.
Sec. II. That words used in this act il
the present tense shall include the future
as well as the present Words used in
Fthe masculine gender shall include the
feminine. Wo DIS used in the singular
number shall include the plural, and the
plural the sigular, and the word person
shall include corporations as well as nat
ural persons.
Sec. 8. That the rule of the common
law, that statutes in derogation thereof
are to be strictly construed, shall have nc
application to tn act. This act estsb-
fishes the law respecting the subject to
which it relates, ard its provisions and al
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