Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1913-08-29

law and the notices given him. the lsnd MORTGAGE
aSs cfaf5on may then fcreciose upon Inc MolssAssu
premises as e pas liable for sum greater than
the amount OF the unpaid portions q tne oan Win
any acerct.ons Of Interest hereon ano expenses ihcl
srytst 10 the collection thereof.
section a024-Is0 The aggregate amount OF the
prinripal Of all bonds Issued by ianu mefgags
sssor5ation and outstanding at any one time shaIl
mo- exceed twenty times the amount Of the eaptal
and surplus OF the company
Section s024-lSI. No land moftsaee assosaauo On.
and no officer or agent thereof shall give any
preference to any creditor by pledg1ng any q the
asscts Of such association collateral secar1y ex
cept that any such association may DorroW os t o
temnoraYy purposes, and may pledge asses OF the
association as col ateral security thereor "hsnsssI
it shall appear that any anu mOl'nasr n r
oaning the commissioner Of nankng may ss als
such association to pay OF such amount 50 porLowea
section 2a24-IS2 l. The bonds to be Issued by
any land NOR. gage association may be Issued Tor
such amounts BEARING such serial number, ana aate
or dates and be payable at such time and times,
tear s,,ch rate of interest. and be redeemable at
maturity or upon Notice at such tunes ana IN such
uaanncr the land mortgage associanon may, SUP
er TO the approval of the commissioner OF banking
cccm advisable an -
B. Each land mortgage association shall keep
register fer the registration and transfer Oh oonas
issued by 1t In which it shah register or cause 70 Pc
-tgstered all bonds. prcssnfa lon Ihtfeos LOT
such purpose and such registsr sna y az
and shall at all reasonable times be OPEN TO the
Inspection CT the banking commissioner or any OF
Section 2024-l33. l. TO secure the payment or
such bonds tho land mortgage association shall issue
collateral deed OF trust Inc st asss and
mortgages taken as provided herein In an amount
equal to exceeding the aggregate aihount VI pous
INC sotaI amount Of bonds actually outstard-
ing shall not at any time exceed the total amount
unpaid upon secured by the mortgages be-
longing IS the association and pledged for the
ment Of the bonds. plus such securities ana money
may be on deposit with the state treasurer unueI
the provisions hereof
the payment of the bonds issued hereunder snail De
deposited and left with the state treasurer The land
mortgage association may with the approval OF the
state treasurer. such mortgages rom lne GUS
tody of the state substituting In place
thereof cher Of its mortgages or money OF STATE %
Wisconsin government bonds or cerufcates OF deposit
endorsed in blank issued by incorporated associations
located and doing business In the United Stotes In
an amount equal greater than the amount unpaid
Upon the es secured by the mortgages withdrawn
Section 2024-i35. l. Notice OF redemption q
bonds may on no account be given on the part OF
the holder thereof. but may be given BY the asso-
citation only fer the purpose Of eecting redemption
in accordance with the conditions OF the bond and as
provided by law and the bylaws.
2. II the land mortgage association snail elect %
redeem any bond prior maturity six months notice
redemption shall be given and shall be enected py
personal service upon the owner and holder Of the
bonds by notice matted to his address as registered
or by advertising the same three times in news
paper selected By the state treasurer
8. The numbers OF the bonds or winch noace o.
redemption is 70 he given shall be determined BY lot
to be drawn by the president the president at
meeting Of the trustees.
Section 2o24-136. In the holder OF any bond
outstanding shall net have presented the same for
payment within the period Of two years after Its
maturity or within two years after the date liked
fer the redemption, the case may be, then such
bond shall cease to be lien upon the mortgages
moneys and securities pledged to the state treasurer
and deposited with him as security therefor but such
bond shall still constitute. until the statute or
limitations running against such bond shall nave ex-
PRED simple legal money calm or demand against
the land mortgage association issuing the same ana
be recoverable from 1t In suit at law, ana IN no
event shall any interest be collecibe upon such bond
after the maturity thereof or after the date nxed
for its redemption.
Section 2o24-l37. II the association give notice
10 debtor for repayment Of the mortgage loan the
latter must pay to the association IN cash or IN It's
bonds at par the face OF the so far as It has
yet been covered by his assets in the amortization
and payments.
association shall be legal investment for savings
associations trust companies other financial in
situticns chartered under the laws Of this state and
shall also be legal nves ment FOX trustees execu-
tors administrators or clstodians Of public OF private
funds. corporations partnerships or associations
Whenever the taxes upon the real estae subject to
the mortgage pledged as security Tor any bonds or
any land mortgage association shall be payable by
the mortgage the mertgagcr then such bonds
shall be exempt from further taxation in the hands
of their holders.
section 2024-1ss The gross earnings of the asso-
citation shall be ascertained annually and there shall
rst be deducted there the expenses incurred by
The association for the preceding and the ball
ance thereof shall be set aside as reserve fund
for the payment of contingent losses, to an amount
equal to two cent OF the capital stock outStand
ing. and until such reserve fund equals twenty per
cent Of the capital sock Of such association.
Section 2024-140. No land mortgage association
SHAH ACQUIRE real estate (other than for the occupa
ton of its olce1 except TO protect It's interest In
Of the mortgages owned BY are foreclosed
indebtedness secured thereby All real estate ac-
quired shall be promptly sold
Section 2 This act shall take eject and Be In
force from and alter it's passage and publication
Approved July "a, 1913