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

! ~ ~ III / xO0 ON
in denomination from 500 to
$500 each, and the said commits
sioner of farm credits shall sell
the said bonds for the face value
thereof to any person applying
therefor. preference being given
to those desiring small invest
ments. Said bonds shall not be
subject to taxation by the United
States. a State, or municipality.
All moneys received by the said
commissioner in the sale of bonds
nd the principal and all interest
paid on said mortgages shall be
covered into the said fund of
Sl0,000,000 and used in the pay
ment of mortgages as they may
be presented. the expenses of the
bureau, the interest on bonds,
and payment thereof at maturity.
That all mortgages shall run to
the commissioner of farm credits,
and said commissioner shall have
all the rights and authority of a
mortgage under the laws of the
State wherein such mortgage is
executed.
That all taxes of every kind
levied by State or municipality
which may become a lien p,ior to
said mortgagor shall be paid by
the mortgagor at least 80 days
prior to the time such lands could
be sold for delinquent taxes. Up
on his failure to do so, or to pay
any other lien that may attach to
said lands and become superior
to said mortgage, the commission
or may pay the same and the
mortgage shall stand as security
for such sums so paid and interest
thereon at 8 per cent per annum.
And said mortgage shall further
provide that in default of the
payment Of any interest or the
payment of taxes, or other super
ior liens. as aforesaid, the COM
missioner may foreclose the prem
;ses pursuant to the laws of the
State in which the land is situated.
All papers necessary for the fore
closure proceedings shall be pre-
pared and premiums foreclosed
by the proper law officer of the
bureau. In lieu of foreclosure the
commissioner may sell the mort
gage to any person desiring to
purchase the same, without re-
course and the money so received
hall be covered into the said
fund. Upon foreclosure the said
commissioner may transfer and
assign the certificate of sale to any
purchaser. and after the period of
redemption has expired may sell
the lands. And any sum receiv-
ed therefor shall in like manner
be covered into said fund.
That it is the purpose of this
act not only to secure and facili-
tate borrowing upon agricultural
lands at reasonable rate of in
terest. but also to afford a means
for those who desire a safe invest
ment, and so long as the said bur-
eau shall be able to dispose of
bonds at par it shall accept mort
cages presented to any extent
above the $1O,OO0,OOO hereby
appropriated.
That said bonds shall be nego-
table in form and transferable by
endorsement, and may be bought
and sold for Federal reserve
banks under the provisions of
sections ] 3 and 4 of the Federal
reserve act, approved December
%, 1913, and may also be re-
ceived as colloteral for the issue
of Federal reserve notes under the
provisions of section l6 of said
act.
That the word "mortgage"
shall be construed to include
deeds of trust or any other instru-
ments of security on agricultural
lands.
That the Secretary of the Treas
ury shall make all needful rules
and regulations to carry out the
provisions of this act.
That this act shall take effect
from and after its passage and
approval.