The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-07-24

QlvldualS, l5.4 per cent, other Agen.
cies To per cent. These figures show
that between one-fourth and . third
of the farm mortgages are held by
farmers and other individuals.
s. Per Cent Mortgaged
In 1890, 36 per cent Of the mortgaged
farms were mortgaged for more than
so per cent of their value.
It would take all OF the gross farm
income for any two of the last four
years to pay off the American farm
ers' aggregate debt.
Farmers burdened with debts Of
various kinds, including mortgages on
their land. may handle their cases In
one OF three ways:
First-Most farmers are not ex-
pected to make use OF the bankruptcy
law and its amendments until after
they have made every effort to handle
their debts on voluntary basis. BY
working with their creditors many
farmers will be able to reduce their
debts to the point where they can be
refinanced through independent agen-
cieS or through the Federal Land
banks and the land bank commits
sioner, both part OF the Farm Credit
administration at Washington, .. C..
Nest Creditors Reasonable
In discussing the work Of the ~
state adjustment committees set up
within the last year, the Farm Credit
administration points out that through
these agencies most of the creditors
have taken a reasonable attitude in
making adjustments.
It is only an occasional unreasonable
creditor who has been taking unfair
advantage OF distressed farm debtors
for the purpose Of selfish gain and
who disregards the loss to the com.
munity and nation by dispossessing
worthy farm families.
These committees. established In
most Of the states, are available to aid
farmers who seek voluntary adjust
ment with their creditors. In this
case the farmer and all Of his credit
ors must agree to debt adjustment
program.
Second-1f the debt cannot be i'd
jCsted on q voluntary basis with al
parties agreeing, the farmer may make
application to the Cancellation COM
missioner In his county. stating that
he IS tnsolyent or unable to meet his
debts as they mature and that he de-
sires to effect composition or an ex-
tension Of time to pay his debts.
Creditors Must Agree
In this case 1t Is only necessary for
the farmer, with the aid Of the COM
missioner, to secure the approval OF
the majority Of creditors in number
and amount Of the Indebtedness. Then
a composition or extension may be
forced upon all the creditors but with
out cutting down on the lien.
Third, when Z farmer fails to get
an adjustment Of his debts under
either one Of the first TWO plans he
may make use Of the provisions ol
the Frazier -Lemke amendment. This
amendment, according to officials ct
Washington. offers no protection to
tie debtor who Is seeking, by sharp
practice, to take advantage Of his
creditors. In the end he will find
that he Is left without any adequate
0eAcAO AVA AS4AA40AA0AAA8 - ~ - VIC ~
visions Of the act are concerned.
They believe that most debtors and
creditors will prefer trying 70 secure
Q voluntary settlement With the a.
sistance Of county farm debt adjust
ment committees before bringing Z
case before Cancellation commissioners
with the prospect Of bankruptcy.
When the adjustment committees
arc unable TO help : farmer they may
refer the case to the county concilia-
ton commissioner, whose appointment
Was made mandatory under "a
amendment - section Is Of thu hank
fuptcy net.
1Gay oeek DAnkruDt
Under this third plan = farmer may
a1asnd his application and ~ % h
adjladged : bankrupt and that hi
Wopo9ty - sppGaised. his exemptionl
- aslde: thae ~ - allowed = rstai1l
poG1oo q any part q III g ~
eetv - ~ r. = undee tn
- .; n s5si