, 1921-06-09
Wyoming System Of Farm Loans
Under Operation Of the New Law

LOT ltSS luHl rive Hundred boliafS
C$5C0.o0l.
Territorial Limits.
The wyoming Farm Loan Baurd is
limited to making loans only in the
state of Wyoming.
Irrigated Lands.
THE Board may loan money ON. and
take as security for same. farm lands
subject to liens or assessments for
drainage, reclamation or irrigation pur-
poses aud subject to Government
charges and liens under federal reclu-
nation projects, payable in install
ments. not due at the time of making
such loan. me the mortgage taken to
secure the loan shall, Notwithstanding
said liens. charges. or assessments. be
deemed Il first mortgage within the
meaning Of this act. provided. how
ever. that the amount of said liens,
charges %, assessments. shall be con
sidcred 10y the Board in determining
the amount to be loaned on such farIa
lands
Valuations and Titles.
The basis of valuation is the ordinary
basis used for making farm loans. In
arriving at this. both the selling value
of he land and its productive value
will, of course. he given consideration,
the latter factor being given greatest
consideration.
Abstracts of title, when accompanied
by the certificate of the abstractor
furnished by the Board and approved
by the Attorney General. will he ac-
cepted by the Farm Loan Board.
Questions Answered.
The following are some of the ques-
tons commonly asked about the Wyo-
ming Farm Loan System, and the
Board:
Q. Must the borrower have title to
the land offered as security?
\. Yes, the law limits loans to
land to which the borrower has the fee
title, Therefore he must own it by deed
or patent.
q. Who may borrow money from
the Wyoming Farm Loan Board?
a. Only persons who are actual
residents Of Wyoming and who are
the owners. or about to become the
owners of farm lands. or who are or
intend shortly to become engaged in
the cultivation and development of the
farm land offered for mortgage.
q. What should a person do who
wishes to make a loan?
\. He should apply to the Farm
Loan Commissioner at Cheyenne, Wyo
ming. for an application for loan blanl
and form of Abstractor's Certificate
and form of County Assessors Certif
cate.
Q. What should he next do?
A. He should fill out the application
for loan complete and swear to same
and have two of his n%eighbors fill out
the corroborating affidavit and swear
to same. and should transmit this ap-
plication, together with an abstract of
title and the certificate of the County
Assessor. to the Farm Loan Commits
Sioner.
.. What amount must be deposited
with the application for loan2
A. Twenty-Five Dollars , (S2J.O0)
as "A deposit to cover the necessary ex-
penses Of appraisement, etc. of which
any balance remaining will be returned
to the applicant. If the appraisement
costs more than $500, the additional
amount must he paid.
.. What is the largest and smallest
amount Of loans?
\. No farmer can borrow more than
Five Thousand Dollars ($jOOOOO) nor
less than Five Hundred Dollars
($5OO.OOD.
Q. Can a man borrow Sj.OOC.OO and
his wife also borrow $jOOOO0t
A. No, an applicants wife or hus-
band. as the case may he. must sign
the papers also, making her or him Il
party TO the transaction.
Q. How are interest and payments
of principal to be mnde2
a. The borrower is required to re-
init the noun Of his annual payment
to the Farm Loan Commissioner at
Cheyenne on or before the date it is
due.
q. Is 1t necessary that these pay
ments be made when dueg
n. Yes, for the reason that the
funds loaned are part of the Perma-
nent Endowment Funds for the Schools
and must be preserved and for the
further reason that in order to consti-
tute a revolving fund and continue
the operation Of the Act. amounts to
the State must be paid when due.
q. May n borrower pay off his loan
before maturity?
A. Yes, after five years from the
date OF the loan he may pay IL. on my
part ON any amortization payment
date.
Q. DO I have to join any ~associa-