The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1915-11-05
NEW FARM LOAN RULES
ADOPTED BY LAND BOARD
Making Plain What is Required of
Those Borrowing from State.

The state land board, at a meeting
held Monday afternoon, adopted a
new set of rules covering farm loans
from state funds. The intention OF
the board is to so simplify the rules
that applicants for loans will. under
stand what is required on their part
and will be able to save themselves
trouble and delay.
The new rules, which are self-ex-
planatory, are as follows:
|. Applications for loans must be
made on forms furnished by the reg
lister of the state land board upon re-
quest. Applications must be carefully
executed and sworn to before a no.
tary public.
Application Fee.
2. The applicant must file with his
application a certified check, bant
draft or money order in an amount
equal to | per cent of the amount ap-
piled for This fee is intended to COW
er all costs to the applicant in making
inspection and appraisement of til
lands. 1t will be considered that this
fee has been earned as soon as tbs
appraiSement is made, whether the
loan is granted or not. If for any rea-
son the application should be rejected
without the state being put to any ex-
pense, the fee will be returned.
3. Applications in regular FORM ac-
companied by | per cent fee must be
filed for renewal of loans. If landj
are not appraised the fee will be re-
funded. When appraisement is made
and the application denied. the ap-
proximate cost of the appraisemen,
will be retained and the balance re.
turned to the applicant.
Maximum Loan $4,000.
a. The maximum amount any one
person may borrow is $1,000. No lani
will be appraised for over $500 an
acre. This rule applies to renewals.
5. Loans are limited to one-third
of the appraised valuation of the land
exclusive of improvements.
5. Loans are made for five years,
payable on any interest payment date
The interest rate is per cent, pay
able semiannually on January AMI
July l.
Titles Required.
7. Warranty deed and United
States patent are the only evidences of
title which will be accepted. Loans
will not be made on finaI certificates.
8. AS soon as application is grant
ed the applicant will be directed t.
file an abstract brought down to date,
showing clear title. Much delay IS
caused by sending in incomplete or
imperfect abstract.
9. The state will accept only first
mortgages.
10. Blank notes and mortgages will
be furnished applicant by the register
free of charge.
Interest Notes.
IL. When a loan is made near a.:
interest payment date, the first inter
est note should be made PAYABLE on
the next succeeding interest date. For
example: When a loan is made in
November or December, the first in
terest note should be made payable
on the following July |, with interest
computed to that date. The succeer-
ing interest notes will be in equal an $.
regular amounts, payable on January
| and July l of each year, except the
last one, which should be made pay
able on the date of maturity of loan
and show interest from the last inter-
est payment date to such time.
IL. Both husband and wife are re-
CURED to sign the principa1 note rs
well as all the interest notes and the
mortgage. If the mortgagor is a Sim
gle person the fact should be so stat
ed in the mortgage.
Is. If the applicant wishes a bank
or other agent to act for him and re-
ceive the money, he should file writ
ten order to this effect with the regis
ter.
Mortgage Payments.
IA. If the abstract of title to the
lands offered as security shows an
outstanding mortgage or other liens
against the property, and if it is de
sired to pay off same and clear the
title with the money borrowed from
the state, the applicant may, in such
case, request that the state warrant
be issued and placed in escrow ill
some reliable bank in the state, pend
ing the clearing of title and compile
ton of loan papers, in which case the
notes and mortgage should be date |
even with or prior to date on which
order for warrant is written and draw |
interest from that time.
IS. Application blanks will be ser;
bona fide applicants for loans oni :. |
Other agencies need not apply. Ar |
phcants are encouraged to deal direct |
ly with the land board in loan ma
tiers. Fees and commissions to agents |
are unnecessary
10. All correspondence i'm come : |
ton with farm loans should be at
dressed to the register, Boise, Idaho. !
According to the statement of the |
Odd Fellows, recently published