The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1921-09-23

advance or OF such paper has been
extended by tn applicant. The time
of payment of an advance by the war |
finance corporation cannot, however,
We extended beyond three years from
the original date of the advance.
Payment of all or any part OF an
advance made by the war finance cor
poration may be anticipated at any
/ time. Interest will be adjusted in
each case to the date upon which a
I payment is received by the war fin
ance corporation. +
THE rate of interest on advances
by the corporation will be determin-
ed from time to time by the board I
of directors. U1der the law a bank, |
banker or trust company obtaiing |
advaces on the bases OF loans made |
by 1t for agricultural purposes may !
not charge upon such loans a rate of
interest greater than 2 per cent In
excess Of the rate charged by the
war finance corporation. This pro-
vision should not be construed, how
ever, to authorize any bank, banker
or trust company to charge rate of
interest in excess of the rate permit
tea Dy the state law.
Advances may be made by the
war finance corporation against a
note executed by borrower as max
er, or draft accepted by the bor-
rover, or a note or other negotiable
instrument Endorsed by the borrow
er, waving protest, notice of protest,
notice Of dishonor, extension of time,
substituting of collateral or other
indulgence. Obligations Of the bor-
hover must be absolutely secured in
each instance by Endorsement, buar-
anty. pledge or otherwise. A form of
: collaterally secured note which may
: be usesd by borrowers may be OBJ
: tanned from the enarest agricultural
) loan angency. Where drafts accept
+ ed by the borrower are rendered,
: they should be accompaniey by an
+, instrument of pledge or other col
lateral agreement, comforting on the
: war finance corporation a valid lien
| lien on the security to be pledged.
The war gance corporation has
: appointed, or will appoint, agricul-
tural loan agencies in the various
r agricultural and livestock sections
: of the country
: "All applications for advances
( must be submitted in the first in
, stance to an agricultural town agency
: and all requests for information as
to procedure In obtaining advances
s or as to the character of security re-
: CURED, should be addressed to such
: an agency.
J. tie agency through which the
# application is submitted may before
@ making it's recommendation to the
war finance corporation, call for ad
~ dltional information, including state
II ments of condition of the makers O
m indorsers or notes, drafts, bills of ex
is change or other evidences of indebt
~ edness offered as collateral securit
ne for the advance applied for.
er The agency will refer the appli
he cation, together with it's recommend
ce ations, to the war finance corpora
tion at, Washington. If the appliea
be ton is approved, the war finance co,
IN poration will larrange with a ban
he conveniently located to make the
RAJ advance, as fiscal agent for the ws
ch finance corporation, against the doc,
- ments specified in the application.
-, Section "a. paragraph 2, Of IL
war finance corporation act autho
Ives the corporation in exception
cases to purchase from domest
banks, bankers or trust companie
notes, drafts. bills of exchange ,
other instruments of indebtedne
secured by chattel mortgages, war
house receipts, bills of lading
other instruments of writing, co
veying or securing marketable til
70 staple agricultural products, |
Gliding livestock, Such purchas
may be made at any time prior
july 1, 1922
An application to sell agricultul
paper, under paragraph of secti
Asst set forth circumstant
showing that a exceptional ca
"a exists, within the meaning Of [
act. The loard will consider am
cations for the SADIE by the ban
- an crs and .rust companies to I
-- corporation OF paper of the char
~ e. above described ONLY in ca
4 where II is af9rmatively shown Il
the applicant is under some sat;
! tory or other 1es al Disability to
plr for AMI n'taiG nal9ance n
snant to the provisions of paragrs
OF section "a of the war flna
corporation act. II. as a matter
fact. the applicant is unable. beca
OF any limitation imposed BY law
by any charter provision or 9th
wise, to make further borrowir
the text and tenor OF such lin
lions ahould he ecifically set fol
I ITO be liable for purchase by
war finance corporation note, DIR
bill OF exchange or other instrum
must be secured by chattel m
cages. warehouse receipts, bills
lading or other instruments, In "
Ing, conveying or securing mar
able title to staple AGRICULTURAL D.
ucts. including livestock. in the
L. ted States The war finance cor
alton will not purchase paper ha'
maturity At the time OF purcl
ct more Ch:'n one yesr and may
extend the time of payment OF
paper beyond three years from
date uron which It was acquire,
the corporation.
Inquiries In respect to the
chaga Of Agricultural ma mar NV