The Columbus courier. [volume] (Columbus, Luna County, N.M.) 1911-1920, 1917-03-23
BOSWELL KAN FIRST STATE
LAND BUYER UrDER NEW LAW

NN 10 ~ 'NN'A'H |WH W.
frat sale Of state land under The
e Thirty Year" or Deferred
la,mcni iian," enacted by the re-
m Legislature. took place last week
q TIE. hen state land commission
er. Robert T.. Friion, -old at publ,
auction .0iiG acres 10 the Red River
d-trict of northern Taos county.
George A. Davidson. of Roswell. u
ren know land ard colonization man
md tho was the Democratic candi
date for state land commissioner IN
the late election. was the successful
eastern nseocinte-. Mr.. Davidson was
in active composition ut the auction
with representatives of California
hind huvers. the price being forced
up 10 the bidding by advances of 3
and lN cents per acre from the orig.
hal minimum sale price Of 80 10 $500
100 acre ut which u finally was sold
Co Mr. Davidson.
While this sale in itself l. Of great
interest to New Mexico, since u
mean. the development of % large
tract Of tine land in the little deyol.
urtd district ut the hradwatcis Of
the Rio Grnde. aud probably means
another important irrigation project
'oi the state, b. chief interest ips,
Row lies m the fact that Il s ihi fret
ale made hv the state under The ncH
law
The condition. of ilH "Ih1ty
Year" o. Deferred PAYMENT piur"
are ns follows;
The successful bidder Ia the pub
lo auctions hy which ull state land
must De sold. paws in cush immrii.
atcly % sale has been completed. one
twentieth, OF . per ccnt of the pur.
chase price.
The balance of the purchase price,
ninety five per cent. b. payable at
amy time within thirty wears from
late ol sale. deferred payment.
bearing interest at = per cent per am
nm. payable iu advance Under
lhc old law thc buyer of state land,
nfirr he mtul payment Of ten per
rent paid for the balance iu thirty
annual m-t1llmcnt-. with Z per cent
ifior4 20 ou deferred payments Tn
der the new law the purchaser NAV
ur, 100 amy time nIl or any part of
.i. balance, the only restriction be-
.ue chat payments may be- not for o.
amount than onc-thirticih of the
uro NAL deferred payment and can
lr ,ru lifted only "n an interest pny
ug date.
Up To- Thu paint the ncw law Is all
IN favor of the purchaser, giving him
practically unrestricted possession
of The land hy an initial payment Of
3 per rent mud the annual interest for
one year .n advance, leaving the ball
uncc tu be- paid nt the buyers con
,]cuicucc ur desire within the term OF
thirty wears.
Section o oi the act provides that
an lands sold under the new law
p1-- immediately onto the tax rolls
foo bee taxed n- other similar property
b. taxed. aud failure 10 pay taxes
works 70 forfeiture cot the contract.
lu other words the land uc- ont"
ihe lax rolls of the county where lo-
Gated immediately the sale Is made,
instead nf hN the slow increase Of
,uuilv frum wear o. year, - was the
ra-c under the did law and under
which the state land sold did not
como into tull taxation until the com
u%letiuu ni the thirty annual payments.
While this change can very lit
he. comparatively, To the buyer of
state luud. except iu the ru-c- ct
very large tracts, the aggregate "i
ull thc.c take, tu the several couu
tie. aud the state, iu increased as
-e-,meut rolls, d, of the first import
uucc.
The law provides that contracts To
purchase state land under the old
law MAY be- cancelled and new com
tuct- issued under the new law, on
application of the holder aud by pay
ucnl ul % ic, ct four dollars for cuch
section or fraction aud ten cents nd-
ditinnal for each additional section
or fraction thereof, these fee. cover
np cost of clerical work involved in
the state land office. Il is expected
chat the vast bulk Of outstanding
contracts viii be- -o changed, since
.ic new contract is materially to the
advantage and convenience of the
buyer. Lands selected for the ac-
count of the Santa Pc and Grant
county railroad bond fund are eN-
pccted from the provisions of the
new law, al other state lands som-
inc under lis nrovisions. snbiprf ia