Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22
for which they deem the security to

for which they deem the security to
(c) The commissioners shall re-
quire as security for every farm loan
first mortgage on agricultural land
of market value at least double the
amount of the loan exclusive Of the
value Of buildings and other perish
able improvements, held under COM
plete title in fee simple by the bor-
rover.
(d) No loan shall be granted to any
person who is not an actual resident
Of the state Of Wisconsin and bona
fide occupant of the land offered as
security.
(e) No loan shall be granted upon
any land of which the market value is
less than ten dollars per acre.
(f) No loan of less than one hum
dred or more than five thousand dol
lars shall be made to any one person,
and no person shall be granted separ-
ate loans aggregating more than five
thousand dollars
(g) At least one hundred thousand
dollars of the moneys available from
the trust fund for loans shall be set
aside each year for loans Of not more
than one thousand dollars and the bal
ance of the moneys available from the
trust funds shall be loaned as de-
manded in sums of not more than five
thousand dollars.
CHI Loans shall be granted only Tor
the purpose of assisting the borrower
to erect necessary dwelling houses and
farm buildings, to build silos and to
clear his lands of stumps, trees brush
and fallen timber.
Cd The borrower shall pay charge
Of five per cent per annum for the use
of the loan at the expiration of one
year from the date of the loan and
annually thereafter so long as the loan
remains unpaid. All loans shall be
made for term of twenty years but
shall be repayable at the option of the
borrower in whole or in part ON any
interest date occurring not less than
five nor more than twenty years after
the date of the loan, and when partial
payments are made the annual charge
of five. per cent shall be made only
upon the unpaid balance of the prin-
cipal of the loan.
payment to borrowers Of the sums
loaned to them in accordance with the
following provisions
(a) Every applicant for loan
shall select bank to receive deposits
of the money loaned to him by the
commissioners.
(b) When the, commissioners grant
a loan they shall deposit it In the
bank selected by the applicant for the
loan a sum of money equal to the
amount of the loan granted and shall
furnish the bank with the mortgage
and other papers necessary to the pro-
ready for the signature of the appli
cant for the loan and the bank shall
agree to hold the sum of money so de-
posted until directed by the commits
sioners to pay it to the applicant for
the loan or to dispose of it in some
other manner directed by the commits
sioners; and the bank shall further
agree to record the mortgage papers
with the proper register Of deeds and
to return the papers to the commits
sfoners without charge to the commits
sioners or to the borrower, except that
the bank may require the borrower to
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Of deeds for recording the mortgage.
(c) Before authorizing the bank of
deposit selected by the applicant for
loan to make payment to him of the
amount Of his loan, the commissioners
shall satisfy themselves that the i'm
proVement for the making of which
the loan was granted has been accom-
plished. Every applicant for loan,
who has completed the Improvement
for which his loan was granted, shall
notify the county clerk of the county
in which the land on which the i'm
provement was effected is located, and
shall make payment to the county
clerk Of a fee equal to two per cent Of
the amount of the loan; and the coun-
ty clerk shall transmit this fee to the
commissioners at their office In Mad
ison with notice that the applicant for
the loan reports that he has completed
the improvement for the making of
which the loan was granted. The
commissioners, as soon as possible af-
ter the receipt from the county clerk
Of the fee and the notice prescribed,
shall cause an examination of the land
offered as security by the applicant
for the loan to be made by the super
intendent of farm loans or by one Of
his assistants or by some other COM
are satisfied upon receipt of the re-
port Of the person examining the land
offered as security that the land is of
a value at least equal to that accepted
V91ua hv the SSionarq
in granting the loan and that the i'm
provement for the making of which
thes loan was granted has been COM
pleted In good faith, the commission
ers shall direct the bank In which they
have deposited the amount Of the loan
to pay a sum equal to this amount to
the applicant for the loan. If the
commissioners are not satisfied that
loan is of a value equal to that &C
copied by them as a true value In
granting the loan or if they are not
satisfied that the Improvement for the
ed has been completed in good faith,
they may, as justice demands refuse
altogether to pay the loan to the APP
plicant, or they may reduce the
the security offered is adequate and
may give the bank selected by the ap-
Dlicant appropriate directions for the
disposal of the funds deposited with
II lCI tIlG pa IlSUI VI lHS 1OdA Ill QuCS-
ton.
3. The commissioners shall appoint
a competent person to serve as super
intendent of farm loans at a salary
not exceeding three thousand dollars
per annum plus actual and necessary
travelling expenses, and the superin-
tendent of farm loans shall perform
such duties as the commissioners shall
assign to him. The commissioners
may also appoint assistants to the SUI
perintendent of farm loans at such
salaries as they deem best, whenever
the number of applications for loans is
sufficient to require the services of as
sistants to inspect securities ard the
revenue which 1T may reasonably be
estimated will be derived from the
placing Of loans is sufficient to pay
the salaries of the assistants ap-
pointed.
4. Any person, firm, association, So
ciety or corporation desiring to place
loans on agricultural lands through
the agency of the commissioners as
hereinafter provided may list his or
it's name with the commissioners I'M
der an agreement to supply the COM
missioners with funds of an amount
specified in the agreement at any time
within limit set in the agreement;
and the commissioners may call upon
persons firms, associations, societies
and corporations so listing their
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