The Clovis news. [volume] (Clovis, N.M.) 1907-1929, 1917-03-22
NEW LAW FOR SALES OF
STATE LANDS NOW IN EFFECT

: i'uiIu tHct UuS ISSUED u summary OF
the new Thirty Yeur" or Deferred
Payment Plan" law for the sale Of state
lands. enacted by the recent legisla-
ture. which will be Of very general in
terest to the people Of New Mexico.
Those who have studied the new law
and compared II with the old state
land sale contract form, believe ii will
have the effect Of Immediately incrcas-
ing the demand for state lands. both
IN large aud small tracts and IN cncour.
aging interest in the public auctions ut
which nll state lands are sold.
Under the old law the purchaser uf
state lands paid ten per cent of the
purchase price at the time Of sale and
the balance In thirty annual Install
mentS the deferred payments bearing
Interest ut the rate Of per cent per
annum. The buyer paid taxes only on
his equity and improvements.
Under the new Inv, the successful
bidder AZ u sale OF state land pays In
cnsh five percent Of the purchase
price. The remaining ninety.five per
cent may be- paid at any time within
thirty years, the only qualification be.
ing that such payment must bc made
on an interest paying date and may not
he for less than one.thirtieth Of the
original unpaid balance. Interest
charged upon the unpaid balance IL
1 per cent per annum payable annual
Ily in advance. Interest due and un.
paid bears interest at the rate Of |
per cent Il month until pnid. In other
words, the bure" upon payment Of }
per cent Of the purchase price and
the interest for one year IN advance
comes into unrestricted posses
sion Of the land aud re-
nninS in such possession without
any further payments except the in
tercst, for thirty years. or if 50 de
sired, the purchaser may complete
payment Of the balance uf the pur.
chase price on any interest paying date
within the thirty year period The
state is protected by per cent in.
come bearing mortgage Oh the land.
Section 3 Of the new law provides
that the purchaser shall become re-
Sponsible for the taxes on the land
from date Of purchase. thus bringing
all state land sold onto the lax rolls
Immediately instead Of by the small
equity increases from year to year as
under the old law. Take. are tu br aS.
ScSSed rs other similar property j.
assessed and failure 10 pay taxes works
n forfeiture uf the contract.
While the tax item is relatively un
important Ia the buyer under the new
law. except in the ease Of very lnrg,
'" - ~" -'''' w. ''"'' ''N'
viii be- Of very great Importance to
the state in the increased totals ui
'"'''''' '''''' u"
law viii NOT only tend ro SIimuiat,
'''''''' W. ''' Wv "''' y
in small tracts, encourage more nc.
wv '''''''"S anu ,''''''''''' ''' UNIV,
j." y wv ''''''"''''' '''' u " ~ " "'S "''
'"'' W ''''''
"''' Nv VI '''"'''' "'''''' '' W. NV >'''''
''''''" W Wv ' ''" P''' wv
'''''' ga >''''''s '''''''''' ~. w. P'' ''''
''"'' '"''' "'"' wv ''''' ''''' "'',' ~
'''''' "' - ''''''', u '''''''' '',''' WIN
Nv" NV "' Wv ~ WV Wv
NV '' ",' ''' '''
wv W '''' "'''" ~ W. '''' II WIN ''
'"'' W '"'
vow " "'''''' ',''''' ''''' ~ ''" "' ''''
'''''',''' ''''''''''
,"S Nv ,''' W ~ ~ '''' +
!" -" ','''' '''.' "''' - ,"'','
'' W. Wv "' ''''' W Wv '''''"
"''' '"''' '.''''' ''''
''"''' "'' .''''', '''''' VI" P''' ''''''