The Ronan pioneer., 1916-12-15

are to be loaned to farmers under
the state farm loan act, and the land
commissioners have promulgated the
rules under which these loans will be
made. Loans will be restricted to
the land that has been appraised at
$40 or more for the past three years.
The board stipulated that the loan
shall not exceed two fifths of the ap-
praised value of the land. No loan
will be made for less than $500 or
more than $4,000, and the interest
rate will be six per cent.
The rules adopted by the commits
sioners are as follows:
Loans will be made only to ac-
tual residents of Montana, and only
upon good improved farm lands of an
appraised-not assessed-value of
not less than $40 an acre. No loans
will be made on more than two-fifths
of the appraised value of lands Of
fered as security therefor.
Method of Procedure.
"Any person desiring loan must
file with the register of state lands
verified application, upon form fur
commissioners. Such application
AAioot NoA1ebAI tlh u6l lCCulCuC W pay
railroad fare and travelling expenses
of the state land agent appointed to
make an appraisal of the lands Of
fered as security. No application
will be considered unless such agree
ment is filed. Applicants must fur
nish at their own expense an abstract
of title to lands offered as security
upon request from the register of
state lands.
"All loans shall be secured by a
first mortgage upon lands offered for
security upon form furnished by
the state board of land commission
| ers, running to the state of Montana
as mortgage.
| Interest Rate Six Per Cent.
"All loans shall bear interest at 6
per cent per annum, payable annually
to the register of state lands, who
shall receive all moneys, both prin-
cipal and interest, arising from such
loans, and account therefor to the
state treasurer
mo loans shall be made of sum
less than $500; and not more than
$4,000 will be loaned to any person,
firm or corporation. No loan will be
made for less than three nor more
than ten years. Payments may be
made upon the principal of any loan
running for more than three years
in whole, or in part by payments of
500 or multiples thereof, upon any
interest bearing date, after three
years from the date of said loan.
State Appraisal.
"Before any loan is made the lands
offered as security therefor shall be
examined and appraised bv the state
land agent, whose appraisal shall be
based upon the productive value of
the land, exclusive of buildings. The
state land agent shall report his find
ing to the state board of land COM
missioners upon forms furnished by
said board.
"All applicants for loans shall as
nearly as practicable be considered
and acted upon in the order of their
filing.
Certificate af Release.
upon the full payment of princi-
pal and interest and all other sums
becoming due upon any farm loan
mortgage, the register of state lands
snail execute necessary certificate
of discharge and release as required
by law.
whenever any farm loan mort
gage has been executed, the register
of state lands shall forthwith have
the same recorded in the records of
ecated thereby is situated; he shall
the county in which the land hypoth-
also have custody and safely keep
all promissory notes or other obliga-
tions given by persons to whom
money is loaned"