The Idaho Springs siftings-news., 1916-10-13

trust to the sounty clerk and recorder
Of the proper county for recording. A.
from the county clerk and recorder
with the usual certificate of record. the
register shall transmit the note and
In question to the state treasurer. who
shall thereupon pay to the applicant
the amount of money named in said
sioners shall In each case require from
the applicant an abstract of title to
the land certified to include the deed
be deposited with the state treasurer In
connection with the note and deed of
trust.
the same are due. or failure to pay the
interest upon the said note In accord
anct with the terms of the note. shall
anything in the note or deed OF trust
to the contrary Notwithstanding.
When loan has been made and the
one or not more than five years. Y
may be done in manner as the loan was
made in the first instance. but no new
abstract. except a 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 IL to be given upon other lands.
The time OF payment, without further
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 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 It prevent the Introduction of evil
dence in such action, any provision of
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 a
certificate showing the amount and the
purpose for which the payment 10 made,
and the treasurer shall forthwith in
dorss 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 com mmissionsr0; tho reg
lister of tho said board shall execute
and deliver a request for the release
of such deed OF trust and return the
the debtor ana 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
Permanent Fund Accounts" in which
a memorandum of all notes. mortgages.
deeds Of trust. bonds. money and assets
may como into his hands as such reg
lister and separate accounts of princi-
pal and interest must be kept
of any permanent fund loaned or in
terest thereon become due, the register
Of the state board of land commission
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
commissioners shall report the same to
the attorney general, who shall imme-
diately bring action by foreclosure or
sary and appropriate to recover the
same. and an injunction may issue
without bond and a receiver be ap-
pointed for cause. whom so prayed.
trust given to the state in accordance
with the foregoing provisions. shall be
upon the same terms and conditions.
| are prescribed by law for the fore
closure of ordinary deeds of trust to
the public trustee and the state board
or representative of that board. or the
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-
tion in the same manner and under
lik0 CONDITIONS as are laHuB SOlu uuuei
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
deeds shall be executed by. the pub.
lie trustee to the State OF Colorado and
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 pubic
school lands; provided however. that
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 equaliza-
tion. 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
terest for this purpose shall be charged
solely at the rate of six per cent t6%l
of said note together with all taxes
due on said land as hereinafter pro-
vided, and the state board of equaliza-
tion 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 OIL taxes IOT 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. 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
of such foreclosure by the public trus-
tee Of the county where the land is sit
uated, shall be carried upon a separate
list properly designated by the state
board of land commissioners and when
of land commissioners. all moneys re-
ceived for the purchase Of such land,
shall be paid by the register of the
the treasurer of the State of Colorado,
and credited to the general fund of
said state. even though the amount of
said purchaaa price Ia In excess of or