The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1923-04-27

An Illustration OF the latter sort
is senate bill No. 50. 1t pro-
vides that a chattel mortgage
on livestock 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 and
animals months OF even years
before they are created OF born.
Terms, Safe Sales and Loans
Amortization Plan of Payment for
State Land blouse Bill 14)-The
passage of three laws definitely plac-
ing the state of Montana on the
amortization payment basis in its re-
latiOns with purchasers of state
lands, and borrowers, by the Eigh-
teenth legislative assembly, will have
a powerful influence on land sales and
upon general land policies in Montana
in the future. One of the most i'm
portant, known during passage as
House Bill No. IA, provides that the
purchaser of state lands, except tim
Der lands, shall pay not less than Is
per cent down and the balance shall
be amortized over 80 annual pay
ments at per cent interest, with the
privilege of paying in full at any time
prior to maturity. Upon application,
any existing state land contract may
be converted as far as the unpaid bal
ance is concerned, into a 35-year amor
tization payment contract, and in its
discretion, the state land board may
include delinquent installments of
principal and interest in the new GER
tifcate.
The term amortization" is defined
by the legislature as chat plan under
which part of the principal is required
to be paid each time interest becomes
due and payable, and under which this
part payment on the principal increaS-
es at each succeeding instalment ii
! the same amount that the interest
payment decreases so that the com.
binedamOunts due on principal and in
terest on each due date remains the
same until the loan or bond is paid il
full"
The law provides that where install
mentS are paid annually the paymen
date shall be December Is; when semi
annually, on December Is and June Il
Amortized payment of State Loan
! blouse Bill No. 11)-Whenever stat
money is loaned on farm mortgage
as provided by law, or is invested i
bonds, payment must be arranged 70
on the amortization plan during
period of not more than 35 years at
per cent interest, installments of prin
cipal and interest to be paid annual
or semi-annually. Loans may be re
paid in full prior to maturity with
fee of per cent required if paid with
in five years from the date of tn
loan, and of Y of 1 per cent if PAL
between 5 and 10 years from the dat
of the loan. This act provides tha
existing state farm loan mortgage
may be converted into amortizsIi 10
contracts, at the discretion of til
board, and empowers the board to in
clude in the principal of the new loa
delinquent interest and other accrue
charges, subject to the limitation Q
40 per cent of the lands actual value
Amortization Terms on State Fore
closed Land (Substitue for House Bi
101) -Whenever, through forecIosur
of any state loan the state becomes
pOSseSSOr of any lands, it is now pro
vided by the action of the Eighteent
Legislative Assembly that the stat
may, within 80 days from the expirs
ton of the legal period of redemptio
of such land, sell the land back to tn
mortgagor at just what the state wa
compelled to bid for the land, upO
the payment by the mortgagor of 1
per cent of such sum. The balanc
due the state may be paid on tn
|, amortization payment plan during
period of 35 years, with interest at
per cent, payable annually. Applice
ton of the original mortgagor VIII
had been foreclosed, takes precedenc
over an application to purchase til
land by any other person.
! Land Ownership by Aliens ProhiE
tied (Senate Bill 43).-Under this la
the term fallen" means a person VIII
: is not eligible to citizenship under tn
laws of the United States and the az
is aimed to prevent ownership {
longtime possession of land in Nor
tana by Japanese or others not elig
bic to become citizens. Lease of Ian
to aliens is limited to 10 years. Tn
: law provides punishment for attemI
: to evade or violate its provisions, bot
: by fine and Imprisonment, and prC
vides for confscation of land by til
state under some circumstances.
Payment of Taxes
: Delinquent Taxes for 1922. (Hous
!, Bill No. -. This law provides thu
no property shall be sold for take
: delinquent in 1922 until October
1928, and published notice of the ia,
D that such delinquent tax sales hay
? been postponed to that date, is requi,
ed in each city and county. The Del