The Ordway new era., 1916-10-13

shall forthwith transmit the deed OF
trust to the county clerk and recorder
OF ,he proper county for recording. AS
from the county clerk and recorder
with the usual certificate OF record. the
rregister shall transmit the note and
need OF trust and all other securities
IN question to the state treasurer. who
shall thereupon pay to the applicant
.ne amount OF money named In said
note. The state board of land commits
s,oh"rs Shall IN each case require from
,ne applicant an abstract OF title to
the land, certified to include the deed
or trust, which said abstract shall also
be deposited with the state treasurer in
connection with tho note and deed OF
trust.
Failure to pay any or all taxes when
interest upon the said note in accord
ahct with the terms of the note, shall
render the principal due and payable.
anything in the note or deed Of trust
to the contrary Notwithstanding
When loan has been made and the
borrower desires to renew the same for
one or not more than five years, 1t
may be done in manner as the loan was
made in the first Instance. but no new
abstract, except n continuation OF the
same down to the time OF extension,
nor examination of title prior to the
original loan, nor new deed OF trust
need be required, unless the deed of
lluSN is 10 De given Otner lands.
The time of payment without further
security, may be extended in writing to
be recorded the original security
was recorded. and before maturity Of
the claim, when the state board of land
commissioners shall SO order. but such
extension of time shall not operate to
release any security held. and lapse of
time shall in no case be a bar to any
action to recover any part of the school
or other permanent fund so loaned nor
shall 1t prevent the Introduction OF evil
In i.,,
the law to the contrary notwithstand-
ing.
All payments of either principal or
interest upon loans. or of any other
character. shall be made to the regis
ter of the state board of land com
missioners. who shall forthwith trans
nit the same to the treasurer with II
certificate showing the amount and the
purpose for which the payment Is made
and the treasurer shall forthwith in
dorse upon the note In proper form the
payment so made. and when the debt
is fully paid, the treasurer shall cancel
the note and deliver the note. abstract
of title and deed of trust and all other
securities to the register of the state
board of land commissioners; the reg
lister of the said board shall execute
and deliver request for the release
of such deed of trust and return the
note, abstract and other securities to
the debtor and report the same to the
state board of land commissioners at
it's next meeting, which report shall be
carried into the records of the board.
The register of the state board of
land commissioners shall also keep In
his office. in books to be provided for
that purpose, accounts to be known as
Permanent Fund Accounts" in which
a memorandum of all notes, mortgages,
deeds of trust bonds. money and assets
of every kind and description which
may come into his hands as such reg
lister and separate accounts of princl-
pal and interest must be kept.
When outstanding notes for money
of any permanent fund loaned or In
tercst thereon become due the register
of the state board of land commission
ers shall. by mail, at once notify the
debtor to make payment thereof with
IN thirty days. If such debtor shall
neglect to comply with such notice. the
register OF the state board of land
the attorney general. who shall imme-
diately bring action by foreclosure or
such other procedure as may be neces-
sary and appropriate to rec 'ver the
same. and an injunction may Issue
without bond and receiver be APP
pointed for cause. when so prayed.
Foreclosure OF lands under deeds Of
trust given to he state in accordance
with the foregoing provisions. shall be
upon the same terms and conditions.
except as herein otherwise provided, as
are prescribed by law for the fore
closure of ordinary deeds of trust to
the public trustee and the state board
of land commissioners or any officer
or representative of that board. or tho
attorney general or any representative
OF the attorney general, shall have the
right to bid in. in behalf OF the state:
said lands at such foreclosure sale, and
the same shall be subject to 'redemp-
ton In the same manner and under
like conditions as are lands sold under
deeds of trust in the ordinary course
of business.
In the event that such lands shall
be bid in in behalf of the state as
aforementioned are not redeemed.
deeds shall be executed by the pub
Tnln IO n Ttd
such land shall thereafter be under the
control and direction of the state board
of land commissioners, subject TO all
terms and conditions which now or
hereafter may apply by law to public
school lands; provided, however. that
such lands shall not constitute part
of the public school land, but shall be
treated and considered as IN manner
hereinafter mentioned.
AS soon as the deed from the public
trustee shall issue to the state, the
same shall be placed on record In the
proper county and the state board OF
land commissioners shall certify the
facts to the state board of equalizn-
ton, or such other officer. board or
ity to make levies in behalf Of the
state, giving the amount due upon said
loan to the school fund, except that in
terest for this purpose shall be charged
solely at the rate of six per cent t6T)
per annum upon the principal amount
OF said note, together with all taxes
due on said land as hereinafter pro-
yided. and the state board of equaliza-
ton or such other officer. board or bu-
reau as may hereafter have authority
to make levies in behalf OF the state,
shall at the next meeting where the
levy OF taxes for state purposes Is
made. include in said levy tax upon
ali taxable property within the state.
Of sufficient amount to reimburse the
school fund for the amount of said
loan, principal. interest and costs, and
such tax, when collected. shall be. by
the state treasurer. credited to the
state school fund.
All lands so sold under foreclosure
and conveyed to the state by virtue
tee of the county where the land Is sit
uated, shall be carried upon a separate
list properly. designated by the state
hoard OF land commissioners and when
the same are sold by the state board
of land commissioners. all moneys re-
a of such land.