The Lamar register. [volume] (Lamar, Colo.) 1889-1952, 1916-10-25

RADIO
Fifth-In bonds of the several
counties. cities. town or city, and
city and counties of the State OF
Colorado; provided, however. that
before any moneys are so invested
in bonds OF counties. cities. town
or city. and city and counties or
such bonds shall first be deter
mined By tue attorney general Of
the state. and the state board OF
fled that such bonds are in all re
spects legal and safe Investment
and it is further provided. how
ever. that such bonds or warrants
shall be purchased at price not
TO exceed par value and the &C
crued interest thereon.
Section 2. Investment by loans on
cultivated farm lands within the State
OF Colorado shall be made only to per
sons who are actual residents on such
land, and then only on lands OF which
the appraised value is not less than
$500 per acre and In sums Of not to
such loans shall be made for at least
one and not more than five years, and
shall be evidenced by Promissory notes
annum, payable annually until due.
with interest at the rate OF eight Per
cent $50 per nnnum after maturity
tsrest. said promlssory notes to be Sc
cured by a deed OF trust to the public
trustee of the county wherein the land
is situated, in favor OF the state OF
Colorado. upon real estate as above de-
scribed of an appraised value of at
least three times the amount Of the
sum borrowed.
Applications for loans on cultivated
farm lands shall be made direct to the
state board OF land commissioners upon
blank forms to be provided for that
purpose, and no loan shall ever be
made unless the applicant has good
as security for the loan Upon receipt
Of the application the state board OF
land commissioners shall, unless they
=
stance. cause the land to be thorough
~ examined and appraised, and n, in
their Judgment. the security Is ample
and the applicant in all respects comes
within the terms OF the provisions OF
this act. they may approve the loan:
provided, however. that in tho event
that the loan is made on irrigated
lands, such requirements shall be made
by the board OF land commissioners as
shall secure to the state first lien upon
all water and water rights for the trri-
cation OF said lands.
When the application is approved by
the state board OF land commissioners,
the register shall complete the contract
by taking promissory. note payable to
the state OF Colorado and secured by a
deed of trust upon the land in manner
and form as above mentioned, and he
shall forthwith transmit the deed of
trust to the county clerk and recorder
of the proper county for recording. As
soon as the deed OF trust is returned
with the usual certificate Of record. the
register shall transmit the note and
deed of trust and all other securities
In question to the state treasurer, who
shall thereupon pay to the applicant
the amount OF money named in said
note. The state board OF land commits
sloners shall IN each case require from
the applicant an abstract OF title to
the land, certified To include the deed
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
anct 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 a loan has been made and tho
borrower desires TO renew the same for
one or not more than five years Il
may be done IN manner as the loan az
made in the first Instance, but no new
abstract. except 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
trust is to be given upon other lands.
security. may be extended in writing to
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 70
release any security held. and lapse OF
time shall in no case be bar to any
action to recover any part OF the school
or other permanent fund so loaned nor
shall IT prevent the Introduction OF evil
dence in such action, any provision OF
the law to the contrary notwithstaud-
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
missiouers. who shall forthwith trans
nit the same to the treasurer with u
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, tho 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 a 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
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
that purpose, accounts to be known as
Permanent Fund Accounts" in which
n memorandum OF all notes, mortgages
deeds of trust bonds, money and assets
Of every kind and description when
may como into his hands as such reg
lister and separate accounts OF prlncl-
pal and interest must be kept.
When outstanding notes for money
OF any permanent fund loaned or In
terest thereon become due. the register
of the state board OF land commission
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