The Idaho Springs siftings-news., 1916-11-03

| trust to the county clerk and recorder
soon a. the deed Of trust is returned
from the county clerk and recorder
with the usual certificate of record, the
dssd 81 trust and ali other her securities
in question to the state treasurer, who
shall thereupon pay to the applicant
note. The stat. board Of land commits
sioners shall in each case require from
the applicant an abstract of title to
Of trust. which said abstract shall also
be deposited with the state treasurer In
connection with the note and deed OF
trust.
Failure to pay any or all taxes when
the same are due, or failure to pay the
interest upon the said note in accord
render the principal due and payable.
anything in the note or deed Of trust
to the contrary Notwithstanding.
borrower desires to renew the same for
one or not more than five years, 1t
may be done in manner as the loan was
abstract. except a continuation OF tho
same down to tho time Of extension,
nor examination of title prior to the
original loan, nor 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
| be recorded as 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 bar to any
| or other permanent fund so loaned. nor
shall 1t prevent the Introduction of evil
dence in such action, any provision OF
the law to the contrary notwithstand-
ing.
interest upon loans. or of any other
ball No 6n tn rfn-
ter of the state board of land COM
missioners, who shall forthwith trans
nit the same to the treasurer with a
| 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
note. abstract and other securities to
the debtor and report the same to the
state board of land commissioners at
its 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 princi-
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
debto to make payment thereof with.
in thirty days. IL such debtor shall
register OF the state board OF land
commissioners shall report the same to
the attorney general, who shall imme-
diately bring action by foreclosure or
sary and appropriate to rec 'ver the
same, and an Injunction may issue
without bond and q 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
except az herein otherwise provided, as
are prescribed by law for the fore
closure of ordinary deeds OF trust to
tho public trustee and the state board
Of land commissioners or any officer
or representative of that board. or the
attorney general or any representative
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 az
aforementioned are not redeemed.
deeds shall be executed by the pub
lie trustee to the State of Colorado and
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
| aCho01 landR- nrovided hOweveY. 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
land commissioners shall certify the
facts to the state board of eQualiza
ton. or such other officer. board or
bureau as may hereafter have author
ity to make levies In behalf of the
state, giving the amount due upon said
loan to the school fund. except that In.
solely at the rate of six per cent t6%e)
per annum upon the principal amount
of said note. together with all taxes
due on said land as hereinafter pro-
ton or such other officer. board or bu-
reau as may hereafter have authority
to make ievies In behalf Of the state !, t..
levy Of taxes for state purposes Is
made, include in said levy 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. ana
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
of such foreclosure by the public trus-
tee of the county whore the land is sit
uated, shall be carried upon q 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 re-
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 fund of
| said state. even though the amount of
said purchase price is in excess of or
i laua In ha oIanI nj nH Ori gil