The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1923-04-11
Legislature PASSES MANY new LAWS
that AFFECT FARMING INDUSTRY
Summary Passed by Recent Legislative Assembly
That Montana Farms and Farmers. Some Good,
Some Bad, Some Indifferent.

The following is a brief summary
Of the legislation enacted by the last
legislative assembly affecting the
farming industry in Montana. The
summary shows important and pro-
gressive steps taken in fields of land
owneri ship and transfer that will
have definite influence on MOntana's
future land policies; in grain ware
housing and marketing; in tax pay
ments; in dairy products marketing;
in state hail insurance; and IN re-
latiOn to scores of ether subjects OF
importance to Montana agriculture.
Some of these laws are good, and
some not so good, while some are en-
tirely questionable from the stand
point of agriculture. An illustration
Of the latter sort Is senate bill No. 52
II provides that a chattel mortgage
on stock may be drawn to cover all
increase and products from such
stock, including wool, during the life
of the mortgage, opening the way for
chattel mortgages to cover values
fore they are created or born.
Terms State Sales and Loans
Amortization plan of payment for
state land: (house bill 14) The pas
sage of three laws definitely placing
the state of Montana on the amor
tization payment basis in its rela-
tions with purchases of state lands
and borrowers, by the eighteenth leg
islative assembly will have a power
ful influence on land sales and upor
general land policies in Montana II
the future. One of the most impor'
tant, known during passage as house
bill No. IA, provides that the pur'
chaser of state lands except timber
lands shall pay not less than 10 pei
cent down and the balance shall bt
amortized over 50 annual payments
at five per cent interest, with the
privilege of paying in full at any
time prior to maturity. Upon ap
plication, any existing state land con
tract may be converted as far as the
unpaid balance is concerned, into ;
35-year amortization payment con
tract, and in it's discretion, the stat,
land board may include delinquen
installments of principal and interes
in the new certificate.
The term Amortization" is defines
by the legislature as 'that plan unde
which part of the principal is re
Quired to be paid each time interes
becomes due and payable, and unde
which this part payment on the prin
cipal increases at each succeeding in
stallment in the same amount tina
the interest payment decreases s
that the combined amount due o
principal and interest on each du
date remains the same until the loa
or bond is paid in full"
The law provides that where il
stallments are paid annually the pay
ment date shall be December IL
when semiannually, on December Il
and June 15.
Amortized payment of state loans
(house bill No. III. Whenever stat
money is loaned on farm mortgage
dS pAOFluSu ny ldWS VI 10 AAFSSOCu
bonds, payment must be arranged II
on the amortization plan during p
Rod of not more than 35 years at
per cent interest, installments
principal and interest to be paid a.
nually or semi-annually. Loans ms
be repaid in full prior to maturit
with a fee of 1 per cent required
paid within five years from the da
Of the loan, and of II of per ce
ii paid between five and ten yea
from the date of the loan. This a
provides that existing state far
loan mortgages may be converted in