The Delta independent., 1916-11-03


not more than five years, it may be done
in manner as the loan was made in the
first instance but abstract, except
a continuation of the same down to the time
of extension. nor examination of title prior
to the original loan, new deed of trust
need be required, unless the deed of trust
is to be given upon other lands. The time
of payment, without further security. may
be extended in writing to be recorded
the original security recorded. and be-
fore maturity of the claim, when the state
board of land commissioners shall order,
but such extension of time shall not oper-
ate to release any security held, and lapase
of time shall in no case be a bar to any ac-
tion to recover any part of the school or
other permanent fund loaned. shall
prevent the Introduction Of evidence nee IN IN
the contrary Notwithstanding.
All payments of either principal inter-
est upon loans, or Of any other character,
shall be made to the register of the state
board of land commissioners, who shall
forthwith transmit the same to the treas
urer with certificate showing the amount
and the purpose for which the payment
made. and the treasurer shall forthwith
endorse 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 commits
sioners the register of the said board shall
execute and deliver a request for the release
of such deed of trust and return the note.
abstract and other securities to the debtor
ana report tbe same 10 the state board OF
land commissioners at its next meeting.
which report shall be carried into the rec
ords 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 Permanent Fund
Accounts," in which memorandum of all
notes. mortgages. deeds of trust, bonds
money and assets of every kind and descrip-
tion which may come into his hands
such register and separate accounts OF prin-
cipal and interest must be kept.
When outstanding notes for money of any
permanent fund loaned or interest thereon
become due. the register of the state board
of land commissioners shall. by mail. at
once notify the debtor to make payment
thereof within thirty days. If said debtor
shall neglect to comply with such notice.
the register of the state board of land COM
missioners shall report the to the at
torney general. who shall Immediately bring
action by foreclosure such other proceed
ure may be necessary and appropriate
to recover the same. and an injunction may
issue without bond and receiver be ap-
pointed for cause, when so prayed.
Foreclosure of lands under deeds Of trust
given to the state in accordance with the
foregoing provisions. shall be upon the same
terms and conditions, except as herein other
wise provided, as are prescribed by law for
the foreclosure of ordinary deeds of trust
to public trustee and the state board of
land commissioners or any officer repre-
sentative OF that board. or the attorney gen
eral any representative Of the attorney
general, shall have the right to lid in. in
behalf OF the state, said lands at such fore
closure sale. and the same shall be subject
to redemption in the same manner and un-
der 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 public trustee to the State OF Colo
rado and such land shall thereafter be un-
der the control and direction OF the state
board OF land commissioners. subject to all
terms and conditions which now 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 oeed from the public trus-
tee shall issue to the state. the 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
equalization. such other officer. board or
bureau may hereafter have authority to
make lcvies in behalf of the state giving
the amount due upon said loan to the school
fund. except that interest for this purpose
shall be charged solely Mt the rate of six
per cent &c per cent? per annum upon the
principal amount of said note. together with
all taxes due on said land as hereinafter pro-
vided. and the state board of equalization
such other officer. board or bureau as
may hereafter have authority to make lev
les In behalf of the state. shall. at the next
meeting where the levy OF taxes for state
a
tax upon all 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 treas
urcr. credited to the state school fund.
An lands so sold under foreclosure and
conveyed to the state by virtue of such fore
closure by the public trustee of the county
where the land is situated shall be carried
upon n separate list properly designated by
the state board of land commissioners and
when the same are sold by the state board
OF land commissioners, all moneys received
for the purchase of such land, shall be paid
by the register OF the state board of land
commissioners TO the treasurer of the State
OF Colorado. and credited to the general
school fund of said state. even though the
amount OF said purchase price is in excess
of or less than the amount of the original
loan. together with the interest thereon.
In the event that foreclosure becomes
necessary the state board of land commits
stoncrs or the attorney general shall have
the treasurer Of the State of Colorado all
papers including the note deed OF trust
and abstract of title belonging to said loan
giving the treasurer receipt therefor.
All expenses of appraisement and exam
ination of the land. the examination Of
title, the recording OF the deed of trust
ing said loan. shall be paid by the appli-
cant, and the state board of land commits
sioners may from time to time, require
OF said applicant, such deposit as may be
necessary to defray said expenses
The state board of land commissioners
may at Its discretion require the applicant
when the loan is made. to carry appropri-
ate insurance on the buildings on the prem
ises covered by the deed of trust in favor
OF the state of Colorado, such Insurance
policy to be placed in the custody of the
treasurer of the state with the note, alb
stract and decd of trust, and the failure
OF the applicant TO pay premiums upon
said policy OF insurance when the same be
come due, shall be sufficient cause for de
caring the principal of said loan due and
payable.
In the event that any property upon
which the Stnte of Cnlnrndn holds .in.,h