The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-06-22
PROVIDING FOR A FIvE-YEAR
MORATORIUM

MORATORIUM
Submitted by initiative petition:
A measure providing for five
year partial moratorium.
Be 1t Enacted by the People Of the
State of North Dakota:
Sec. That whereas public
emergency and crisis exists through
out this state endangering the public
health, welfare and morals, in that
agricultural crops and products have
been sold on an average below the
cost of production since 1922, and all
agricultural land values have disap-
peared, due to the uncalled-for de-
flation and manipulation of the cur
rency, through and by the lnterna-
tional bankers, which caused under
millions throughout the nation: and
whereas taxes have been steadily in
creasing in spite of the deplora bic
condition confronting agriculture, and
the cost of living has been generally
maintained; and whereas agriculture
is the principal industry in this state,
and all other industries in this state
are solely dependent for their exist
ence upon agriculture; and whereas
there is at present no means by which
existing mortgages and Indebtedness
can be refinanced, and the debtors
and mortgages (mortgagors) are at
the mercy of their creditors; and
whereas hundreds and thousands of
families have already lost their homes
through mortgage foreclosures or
other judicial proceedings: and where
as hundreds and thousands more will
lose their homes unless adequate re-
lief is given by law; therefore, in or
der to prevent complete financial
collapse of agriculture. commerce and
industry in this state and the utter
ruin and destruction of agriculture,
commerce and industry in this state
and the collapse of civil government
and in order to maintain the integrity
Of families and their homes, and the
public health, welfare and morals Of
the people of this State. partial
moratorium for period of five years,
or until such time within the five
year period that the Congress of the
United States shall have passed the
Farmers Farm Relief Bill, known as
the Frazier Bill is hereby declared
on all existing Indebtedness at the
time that this act takes effect in
Guiding taxes and debts due by indi-
viduals to the state, county, or other
political subdivisions, except that the
benefits of this act shall not extend
to corporations, nor shall they eX-
tend to any person, who, upon an or
der to show cause before any district
court, is found upon competent evil
dence to be financially able to pay
such Indebtedness without sacrificing
his home. lands, goods or chattels with
which he creates wealth for a living,
and which are necessary to maintain
his family, or which are absolutely
necessary and essential in the con-
duct of his business, nor shall this
act be SO construed as to prevent the
recovery of property sold on the in
stallment plan. where the seller MAIN
tanned or maintains title.
Sec. 2. That it shall be unlawful
for any sheriff, deputy sheriff or his
agent or any other official of this
state to levy upon, attach, seize or
sell any personal property of what
ever nature, other than excepted in
Section l hereof, under an execution
issued upon judgment or upon any
other indeb tedness existing at the
time that this act takes effect for a
period of five years from the date
time within the five-year period that
the Congress of the United States
shall have passed the Farmers Farm
Relief Bill, known as the. Frazier
Bill, provided that such judgment
debtor or other debtor pays one per
cent interest upon such judgment
debt or other debt annually from the
date that. this act takes effect, pro-
vided furher that in case such inter-
est is not paid before the expiration
act takes effect that then the pro-
lection of this act shall cease as to
such debtor.
Sec. 3. That upon an execution or
IoIeciosuTe saie OIL real property, or
upon an execution or foreclosure sale
of real property heretofore made up
on which sheriffs deed has not vet
issued, no such deed shall issue for a
period of five years or until such
time within the five-year period that
shall have passed the Farmers Farm
Relief Bill, known as the Frazier Bill
and the debtor shall be entitled to re-
deem for a, period of five years from
LD Afr.,o 1,ak 1T -
or until such time within the five
year period that the Congress of the
United States shall have passed the
Farmers Farm Relief Bill, known as
the Frazier Bill. and he shall be en-
and benefits of the property SO sold
from the date of such sale until the
expiration. Of period of redemp-
ton, provided That the owner or the
person claiming an interest in such
gether with one per cent interest on
the amount that such property was or
is sold for annually from the date
that this act takes effect, provided
further that in case such interest is
one year from the date that this act
takes effect that then the protec-
ton Of this act shall cease as to such
person.
Sec. 4. That the state shall not
during the period that this morato-
rum is in force, and that in all ca SEES
where the state has heretofore fore
closed or Cancelled such contract and
is sun the owner Of the land that
on the application of the original
or any person claiming
through him. upon the payment Of
one per cent interest of the amount
que. Within one year from the date
chaser or anyone claiming through
such purchaser shall have a period Of
five years within which to comply
with the terms and conditions of such
the five-year period that the Congress
of the United States shall have passed
the Farmers Farm Relief Bill, known
as the Frazier Bill. provided, however,
that the purchaser, or those claiming
one per cent interest per annum on
the purchase price from the date that
this act takes effect.
Sec. 5. That no county shall issue
a deed upon any tax certificate now
from the date that this act takes eff
feet, or until such time within the
five-year period that the Congress Of
the United States shall have passed
the Farmers Farm Relief Bill, pro-
an interest in the real estate
sold for taxes pays one per cent i'm
terest on the amount that such prop
erty was or is sold for annually from
the date that this act takes effect.
provided further that in case such In
terest is not paid before the expira-
ton Of any year from the date that
this act takes effect that then the
of this act shall cease to
such person. and in all cases where
tax deed has been is
sued to the county and the county is
still the owner of the real estate,
then the owner, or any person inter-
ested in such real estate, shall have
the period during which this mora
torium is In effect to repurchase such
lands upon application provided such
within one year pays one
per cent interest annually Of the
amount Of taxes due. together with
future taxes; such application. how