The circle banner. [volume] (Circle, Mont.) 1914-1939, 1923-05-04
DAVIS OUTLINES
NEW FARM LAWS
MEASURES ENACTED BY LAST
LEGISLATIVE ASSEMBLY
AFFECTING FARMERS.
Include Laws Relating to Grain
Warehousing and Marketing; Tax
Payments, Marketing Products of
Dairy, State Hail Insurance.

Commissioner of Agriculture G. c.
Davis, has prepared summary of the
legislation enacted by the last as.
sembly effecting the farming indus
try of Montana. The summary shows
important and progressive steps TAX
en- in fields of land ownership and
transfer that will have definite influ-
ence on Montana's future land poll
cies: in grain warehousing and mar
keting; in tax payments; in dairy
products marketing; in state hail in
surance; and in relation to scores
of other 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.
So. 1t provides that chattel mort
gage on stock may be drawn to cover
all increases 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 or even years
before they are created or born.
Terms State Sales and Loans
Amortization plan of payment for
state land: (house bill 14). The
passage of three laws definitely
placing the State of Montana on the
amortization payment basis in its re-
lations with purchases of state lands,
and borrowers, by the eighteenth leg
islative assembly will have power
full 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 35 annual pay
ments at five per cent interest, with
the privilege of paying in full at any
time prior to maturity. Upon appli-
cation, any existing state land con-
tract may be converted as far as the |
unpaid balance is concerned, into a |
35-year amortization payment con-
tract, and in its discretion, the state
land board may include delinquent /
instruments of principal and interest
in the new certificates.
The term Amortization" is defined
by the legislature as that plan un
der which part of the principal is re-
quired to be paid each time interest
becomes duebecomes due and paya-
BILE, and under which this part pay ]
ment on the principal increases at
each succeeding instalment in the
same amount that the interest pay
ment decreases so that the combined {
amount due on principal and inter- {
est on each due date remains the
same until the loan or bond is paid z
in full" t
The law provides that where in 9
stallments are paid annually the pay {
ment date shall be December Is; /
when semi-annually, on December Is
and June Is. c
Amortized payment of state loans: b
(house bill No. ~. Whenever state q
money is loaned on farm mortgages d
as provided by law, or is invested in @
bonds, payment must be arranged for t
on the amortization plan during a a
period of not more than 35 years at A
6 per cent interest, installments of t
principal and interest to be paid an d
nually. or semi-annually. Loans may
be repaid in full prior to maturity O
with ao'fee of l per cent required if L
paid within five years from date of s
the loan, and of " of / per cent if n
paid between five and ten years from 81
the date of the loan. This act pro- f,
vides that existing state farm loan E
mortgages may be converted into d
amortization contracts, at the dis il
erection of the board, and empowers 81
the board. to include in the principal Il
of the new loan delinquent interest d
and other accrued charges, subject to a.
the limitation of 40 per cent of the II
lands actual value. il
Amortization terms on state fore
closed land Substitute for H. B.
101): Whenever, through foreclos- n,
ure of any state loan, the state be- II
comes possessor of any lands, it is fl
now provided by the action of the W
Eighteenth legislative assembly that Of
the state may within go days from re-
the expiration of the legal period of III
redemption of such land, sell the
land back to the mortgagor at just n,
what the state was compelled to bid OF
for the land, upon payment by the il
of Is per cent of such
sum. The balance due the state may =
be paid on the amortization payment /
plan during period of 35 years, with az
interest at per cent, payable an DE-
nually. Application of the original th
who had been foreclosed, 81
takes precedence over an application be
to purchase the land by any other dc
person. ia
Land ownership by aliens prohib- NJ
ted (senate bill 43): Under this
aw the term "alien" means person Is
who is not eligible to citizenship I'M 1e
Ter the laws of the United States, pa
and the act is aimed to prevent own N,
srship or longtime possession OF land 81
n Montana by Japanese or others not III
eligible to become citizens. Lease N.
If land to aliens is limited to ten wi
Tears. The law provides punishment m
or attempt to evade or violate it's ne
both by fine and imprison- fl,
nent, and provides for confiscation to
If land by the state under some cir pa
is
Payment of Taxes is
DELINQUENT taxes for 1922 (house an