Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1915-03-26

loan ana GATE OF maturity, but shall
not name the rate of interest TO he
paid thereon. Said instrument must
be executed by the borrower accord
ing to forms of the state or TERRITORY
in which the lands are situated and
in conformity with the rules and
regulations prescribed by the COM
mission. In addition to executing
the said instrument herein referred
to the borrower shall execute notes
with coupons attached for interest
periods named in said deed of trust
and in the form that may be pre-
scribed by the commission. These
coupons are redeemable or PAYABLE
at any national bank or any post
office Of the first, second. or third
class. These notes, securities. cou-
pons and obligations and funds
shall not be subject to taxation. mu-
niclpal, state, or national The title
to said lands shall be shown by
suitable abstract which shall be for
warded with the application for the
loan, except in these states where
the Torrens system may prevail. and
in those states the certificate of the
state shall be sufficient evidence of
title. There shall be proper officers
appointed for the examination of
titles, for which services no fee shall
be charged.
Sec. 8. That farmer desiring to
avail himself of the provisions of
this act shall file with the local post
master written application under
oath, setting forth the security he
has to offer, the amount of the loan
he desires, and the purposes for
which he desires It, and such other
facts as may be required by the com
mission. Whereupon the postmaster
shall appoint two committees. con-
sisting of three members each; the
first named of each shall act as
chairman of his committee. The
first committee shall consist Of three
farmers residing in the immediate
vicinity of the farm upon which the
loan is desired and who shall be IA
miliar with its value, and they shall
make an appraiser ent of the value
of the lands and the improvements
thereon separately. Said appraise-
ments shall be under oath and Sc
cret, and shall be filed with the post
master appointing said committee.
The second committee shall consist
familiar with the land and improve
ments upon which the loan is sought
and with the general conditions in
the vicinity, as to whether values of
real estate are advancing or declin-
ing, and whether the applicant Is a
progressive farmer or otherwise
They shall likewise appraise the
farm and Improvements and give
whatever other information may be
the loan. These appraisements shall
| likewise be secret and made under
oath and filed with the postmaster
appointing said com mittees. When
these appraisements are received by
the postmaster the postmaster and
the chairman Of the two committees
shall proceed to open the appraise-
ments and to make therefrom a Just
and accurate appraisement of the
ments, and transmit the same 70 the
chairman of the said commission at
| Washington, together with whatever
/ other information may be necessary
with reference to the applicant in
| the loan sought, to enable the COM
mission to determine the amount to
be loaned, if any. When the appli-
cation is received and approved by
the said commission, it shall cause to
be forwarded to the postmaster from
whom it was received the necessary
notes and instruments to be execut-
ed by the borrower, who shall exc
cute them in the manner prescribed
by the commission and return to said
commission. Thereupon said notes
and instruments for the loan shall
be sold in the open market for par
at the lowest rate of interest procuE
able. The proceeds of said sale shall
be transmitted to the borrower. The
borrower shall not only pay the rate
of interest agreed upon in said sale,
but shall pay whatever per cent may
be necessary for the am irritation OF
said loan at maturity thereof. The
per cent for amortization shall be
fixed by the commission.
Sec. 10. That the moneys paid in
under amortization herein provided
for shall be trust fund available
for the payment of any interest or