Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-03-08

tbI IuIs ASSN
Washington, March (by the
Associated Press) Here is the
text of the bank loan provision OF
the compromise soldiers bonus
bill:
"(A) That a loan may be made
to any veteran prior to September
so, 1925, upon his adjusted service
certificate only in accordance with
the provisions of this section.
"(B) Any national bank, or any
bank or trust company incOrpora-
ted under the laws of any state,
territory possession, or District Of
Columbia hereinafter in this sec
ton called 'bank), is authorized TO
loan to any veteran upon his prom
issory note secured by his adjusted
service certificate with or without
the consent of the beneficiary
thereof) any amount not in excess
of so per centum of its loan basis
(as defined in subdivision of this
section), such loan to mature on
or before September 80, 1925. This
rate of interest charged upon the
loan by the bank shall not exceed
by more than per centum per
annum, the rate charged at tho
date of the loan for the discount
of commercial paper under section
10 of the Federal Reserve act by
the Federal Reserve bank for the
federal reserve district in which
the bank is located
"(C) If the veteran does not
pay the principal and interest of
the loan within six months after
its maturity, or in any event BY
September 30. 1925, the bank shall
present the certificate and the note
to the secretary of the treasury not
eaflier than May 80, 1925, and not
later than October Is, 1925. The
secretary shall thereupon cancel
the note and the certificate and
pay to the bank the amount of the
unpaid principal due it. and the
unpaid interest accrued, at the
rate fixed by the note, up to tho
date of the check issued to the
bank. The difference between 50
per centum of the loan basis of the
certificate at the time of its receipt
by the secretary and the amount
so paid to the bank shall be imme-
diately paid by the secretary to
the veteran il living. In case of
the veterans death after the ex-
piration of the six months after
the maturity Of the loan, or in the
case of his death after September
80, 1926, such difference shall be
paid TO the beneficiary under the
certificate. except that if such BEN
eficiary dies before the veteran and
no new beneficiary is named, or.
the beneficiary in the first in
stance has not yet been named.
then the payment shall be made
TO the estate of the veteran.
"(D) If the veteran dies before
the principal is due, the amount of
the unpaid principal and the un-
paid interest accrued up to the date |
of his death shall he Immediately |
due and payable. In such case or /
II the veteran dies after the prin-
cipal is due but before the expira- |
ton OF the six months after the
is due or before October
!. 1925, the bank shall upon notice
of death present the certificate /
and note to the secretary, who
and nay to the bank in fun salts
faction of its claim the amount of
the unpaid principal and interest
ut the rate fixed in the note. ac-
crued up TO the date of the check |
issued TO the bank; except that if
prior to the payment the bank is
lotified of the death hv the secre-
airy within fifteen days after no.
ice such interest shall he only up !,
o the fifteenth day after such
notice. The secretary shall deduct 4
he amount so paid from the face
value (as determined under sec
ion 501) OF the certificate.
"(E) When any loan is in de-
'ault the bank shall within thirty
lays thereafter notify the secre-
larry of the treasury of the facts
to the note, the name Of
he veteran and the number Of his
certificate.
"(F) The loan basis OF any GER