The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1919-02-20

rowed. The loans are made on first
mortgages only. The applicant must
also be at the time, or shortly TO be.
come, engaged in the cultivation and
development of the land.
When application is made for a loan
the land is appraised and the state
Rural Credits board is authorized to
loan. not to exceed. seventy per cert
of the appraised value of the land
and forty per cen of the appraised
value of the improvements, provided
that the loan does not exceed the as
sessed value Of the land and the
amount of the loan does not exceed
$40, 200. 90.
This money may be used for the
purpose Of buying land, paying off in.
~debtedness on land, erection of build
ings, purchase of live stock, machin-
cry or other equipment necessary to
the development of the land.
1t is not necessary to form an asso-
citation in order to secur a loan from
the state. There are no commissions
to be paid and you get the full amount
of the loan, less the abstract fees.
The fact that you have a oar from
the state does not prevent you secur-
ing a second mortgage on land.
A person wishing a loan should ap-
ply to the Rural Credit commissioner,
Pierre, S. d., for an application blank.
The largest amount any one farmer
can borrow is 10000 and the small
est amount is $500. The annual pay
ments are made direct to the Rural
Credit board at Pierre on or before
the date due.
The loan may be paid off, in whole
or any multiple of 800, on any in
terest payment date after five years.
If borrower fails to meet his inter
est payment and, in the judgment of
the directors of the Rural Credit
board, this failure is due to crop fail
ure or sickness, or other unforeseen
emergencies, it is within the power
of the board to carry a borrower for
a reasonable length of time, say one
or two years, but the borrower is re-
Quired to pay eight per cent on over
due payments.
If you desire to increase the size of
loan in a few years you may do
so, providing you have increased the
value of the land.
II Cbnr,1I hn nnrxy tn nInnA IN onnnt,I
mortgage on land after securing IA
loan, aes the amount of the state
loan is being reduced every year. The
will not take a second mortgage.
The borrower should secure two ap-
praisers of the land who are thorough
ly acquainted with the land to be
m~ortgaged and who are in no way in.
in the loan or the land. The
value Of the land and the desirability
Of the loan will be passed on by an
examiner representing the rural credit
board. Under the meaning of the
Rural Credits law a person who Is al
the time or shortly to become engaged
/ nthe cultivation of the land is one
who conducts the farm and directs its
operation, cu~ltivating the same with
own hands or by the means Of
hired help.
1t takes but a short time to secure
a loan from the state. The applica.
ton is acted upon at the first meet.
ing of the board after it is received,
will in most cases be less than
thirty days. After approval, the ap-
is notified and should at once
procure his abstract and forward same
to Rural Credits board. If abstract
is found satisfactory loan is closed
at once.
For further information in regard to
above writer the Rural Credit Board,
s. ID.