The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-06-18
PROVIDING FOR A FIVE-YEAR
MORATORIUM


A measure providing for a five
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
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 deplorable
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 tmortgagors) are at
the mercy of their creditors: and
whereas hundreds and thousands of
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 a 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,
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
GLIDING 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-
der to show cause before any district
court, is found upon competent evil
dence to be financially able to pay
such Indebtedness without sacrificing
which he creates wealth for 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
state to levy upon. attach, seize or
sell any personal property Of what
ever nature, other than excepted in
Section I hereof. under an execution
nd
other Indebtedness existing at the
time that this act takes effect for a
period of five years from the date
that this act takes effect. or until such
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
debt or other debt annually from the
date that this act takes effect, pro-
vided further that in case such inter-
est is not paid before the expiration
OF one year from the date that this
lection of this act shall cease as to
such debtor.
Sec: 3. That upon an execution or
foreclosure sale of real property. or
Of real property heretofore made up
on which sheriff's deed has not yet
issued. no such deed shall issue for a
period OF five years or until such
the Congress Of the United States
shall have passed the Farmers Farm
Relief Bill, known as the Frazier Bill,
and the debtor shall be entitled to re-
deem for q period of five years from
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
titled to the possession. rents, uses
and benefits Of the property SO sold
from the date Of such sale until the
expiration of the period Of redemp
ton, provided that the owner or the
real estate pays future taxes. to-
gether with one per cent interest on
the amount that such property was or
is sold for annually from the date
further that in case such interest is
not paid before the expiration Of any
one year from the date that this act
takes effect that then the protec-
ton of this act shall cease az to such
person.
Sec A. That the state shall not
foreclose or cancel any land contract
during the period that this morato-
rum Is in force, and that in all cases
where the state has heretofore fore
closed or cancelled such contract and
is still the owner of the land that
then the same shall be reinstated up
on the application of the original
purchaser. or any person claiming
through him, upon the payment OF
one per cent interest Of the amount
due within one year from the date
that this act takes effect and tho pur-
chaser or anyone claiming through
such purchaser shall have period Of
five years within which to comply
with the terms and conditions Of such
contract, or until such time within
the fiye-year period that the Congress
Of the United States shall have passed
tina TarnaArk Farm Relief Bill knnWn