Golden Valley chronicle. (Beach, Billings County, N.D.) 1905-1916, 1915-03-19

and application shall also be ac-
companied by an abstract of title
duly certified by an abstract COM
pany, the register of deeds. or
other officer authorized by the
laws Of the state to make and GER
tify abstracts of lands, which alb
stract shall show no other mort
cages. judgments, delinquent tax
es, or other liens of any character
against the said lands, unless the
purpose of the loan is to secure
money to cancel such liens. Said
owner shall then present to any
national bank or State bank ac-
cepting the provisions of this act
the said loan papers. The said
abstract and papers shall be care
fully examined by the president.
cashier, or other officer of the
bank for the purpose of ascertain
ing whether the title is perfect in
The mortgagor, whether the land
is affected by any liens, who shall
certify the result of his examina-
ton of the abstract, and who shall
further certify what in his opin-
ion and judgment is the actual
cash selling price Of the land.
And no mortgage shall be accept
ed for a greater amount than one
half of the value of such lands, in
Guiding improvements; nor in any
event to an amount exceeding
one half cf the actual market val
ue thereof. The said bank may
charge the borrower for its SER
vices in examining papers and alb
stract and in forwarding the pap.
ers to the bureau of farm credits
a sum not exceeding per cent of
the amount of the mortgage. No
mortgage shall be less than $500
nor more than $4,000 to one
person or company and shall be
in multiples of $lO0. The said
notes and roiv, cages shall not be
dated at the time they are execut-
ed and presented to the bank.
The said bank shall forward all
the said papers to the said bureau
Of farm credits, which bureau
shall examine the abstract, note,
mortgage, and application, and il
said abstract shows the land to be
clear or to have no liens of great.
er amount than the amount desir.
ed to be loaned, and all papers
properly executed, it shall remit
to the bank forwarding the pap.
ers the amount of the loan and
shall date the notes and mortgage
the date on which the remittance
is made, from which date interest
shall begin to accrue; and all cou.
pons shall be dated to correspond
with the date affixed to the prin-
cipal instrument; and said bureau
shall return with the remittance
the abstract of title. Upon receipt
of the said abstract of title by the
bank, said bank shall require the
abstract to be continued up to
date of payment by said bank to
the borrower, and if said abstract
after being continued shows the
land clear the bank shall indorse
over to the borrower the remit
tance made by the bureau of farm
credits. If there are any liens up.
on the land. the bank, out of the
remittance, shall first pay and
have cancelled such liens and pay
the balance to the borrower. The
bank shall be held responsible
for any negligence in the perform.
ance of its duties as agent of said
bureau. The principal and all in.
terest coupons shall be payable al
the bank where and through
which the loan is negotiated and
RENTED by said bank to said bur-
eau.
That whenever the bureau OF
farm credits shall have received
such mortgages to the extent OF
| 81, 100000 it shall issue bonds in
the name of the United States,
payable in 20 years and bearing
AZ per cent interest, payable an.
nually. wit hthe privilege and op-
ton of the said bureau to pay the
principal at the expiration of 10
years. Said bonds shall be issued