American Falls press. [volume] (American Falls, Idaho) 1907-1937, 1915-02-25

any payment, the Commissioner shall make goo
such payment on the interest paying date an
shall proceed to reimburse the guarante fund iron
which such deficiency is supplied, as hereinafte
provided.
Section 2S. The Commissioner shall maintain
a guarantee fund as hereinafter provided. from
which any payments in default shall be supplied
and such fund may be used for other temporar!
uses with the approval of the State Examiner.
Section "a. Whenever the Commissioner ha,
made any default payment from the guarante,
fund he shall proceed within six months to collecr
the anne from the mortgagor in default. and il
selling the interest Of such mortgagor the par
chaser of such interest may be substituted for the
original mortgagor in all subsequent payments
Any such foreclosure sale shall be made in the
regular manner, subject to the right of redemption
by the mortgagor and any surplus realized above
the payments and costs shall so to the original
mortgagor.
Section 25. AS soon as any defaulted payments
have been collected and same shall have been re-
turned to the guarantee fund, and If there. is any
net loss the sam shall be paid pro rata by the 9TH
err mortgagors in the particular series of bonds
in which the default shall have occurred. The
Commissioner shall increase the regular payments
due from such mortgagors to meet such loss, and
any cuti iA1A0ao0 III ~ shithNc idll ttNOhNH u iiOAl
under the original mortgage.
Section &c. All bonds issued under the provis-
ions of this Act shall be made payable at the office
of the Commissioner of Farm Loans; but the State
of Montana shall not be liable for the payment of
either principal or interest of any of said bonds.
Section %. To facilitate the Investment of saw
ings in the bonds issued under this Act. the county
Treasurer in each county shall, under the direc-
ton of the Commissioner of Farm Loans accept
deposits for the purchase of such bonds In frac-
tional denominations of fifty dollars or m~ultiples
thereof. The County Treasurer shall issue re-
ceipts provided by the Commissioner of Farm
Loans for such deposits and the bonds shall be
delivered in the order in which such receipts are
issued.
Section 2S. The County Treasurer in each
county in the state is hereby authorized to pay
out of any county funds available any bond certi-
ficate or coupon issued under this Act when due
and transmit the same to the office of the Com
missioner for payment, and such certificate of
coupon shall be counted as a cash asset while In
the hands of such County Treasurer.
Section 20. In paying bonds or interest cou-
pons under this Act, the County Treasurer may
issue in lieu of cash, receipts for the delivery Of
bonds of other issues, and the same shall be de-
livered in the order in which such receipts are
issued.
Section 80. Whenever there are outstanding
receipts for bond certificates to be delivered, the
Commissioner or any County Treasurer may ac-
cept at par any bond certificate from any holder
wishing to sell the same, and such bond certifi-
cate shall be delivered to one of the parties hold
ing a receipt for money deposited for the purchase
of such certificates. In the purchase of such GER
tificates, no allowance shall he made for any inter-
- .n - x,t f,ll.t ,,at,,rad u
Section 81. Whenever any mortgagor wishes to
pay off his loan I'm full, he shall be permitted to
do so If the Commissioner has applications on file
for approved loans of equal amount. and the prop
erty of the applicant shall be substituted as Sc
curity for the payment OF bonds, and the mort
gage against the property Of the original mort
gagor shall be discharged. The amount TO be paid
by such mortgagor shall be his proportionate share
of the principal of the bonds outstanding, plus "a
small premium to be fixed by the Commissioner.
Such premium shall be placed in the administra-
tive fund and the principal shall be paid to the
party furnishing the new security.
Section 80. The Attorney General of the state
shall act as legal adviser to the Commissioner Of
Farm Loans, and the County Attorney in each
county of the State shall take any legal steps re-
ouired by the Commissioners without extra com
pensation.
Section SO. There is hereby appropriated out
CT any moneys In the state treasury, not otherwise
appropriated, the sum OF Twenty five Thousand
Dollar re to De usel as follows Five Thousand Dol
lars shall be placed in the administrative fund OF
the department of farm loans and twenty lhou-
sand dollars shall be placed in the guarantee iuhd
of said department. No expenditures shall be
made except for the payment OF salaries and the
redemption of bonds until the same have been APP
proved by the State Board OF Examiners.
Section "a. All Acts and parts OF Acts In con-
flict herewith are hereby repealed.
Section IS. This Act shall be in force from and
after its approval by the Governor.
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