The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-09-29

behind in his payments to the bank
to such an extent that he decided to
let his interest 60. He gave the bank
q deed in March, 1882, which was re-
corded in December Of that year. w
still was living on the farm and
thought he still might swing the deal
II he could get federal land bank
loan. Foreclosure was had to clear
the title and w now owns the farm
and the Bank Of North Dakota Is out
Of the picture, the land hank having
made q loan on the property. L lost
q lot. The Bank Of North Dakota
lost q little.
Mr.. and Mrs. ] got q loan Of $500
on leo acres near Arena in Septem-
Der, 1929, and it was foreclosed on July
Is, 1888, on two Of several past-due in
stalments. They had paid only one
instalment Of $50 and had let the
taxes slide. They gave the bank con-
sent to foreclose.
Purchase Of the land by ] in the
first place apparently was specula-
ton. He never lived on the place and
never paid anything on two inferior
mortgages. The land was purchased
from the receiver Of state banks at
the time got the $500 loan, a ma
tural inference being that this was
part Of the purchase price. The re-
ceiver took q second mortgage for the
balance.
Began Back In 1919
This particular piece Of land has
been knocking about since 1919, when
the Farmers and Merchants State
Bank Of Driscoll foreclosed on one F.
In 1924 it was sold to K, who decided
it back the same year, apparently one
/ Of those deals in which bankers have
been known to participate but which
are more or less mystery to the
general public. It may not be true
in this case, but banks have been
known to do such things in order to
have their paper in good shape to
show the bank examiner.
| At any rate. the deed given by K
back to the bank was filed in 1926.
Foreclosure was had again to insure
the title and in 1927 1t came to the
bank receiver.
The foreclosure didn't worry Mr..
ana Mrs. J. They still have their
home place and are not interested in
floating the deal again through
federal loa4
More Tragic Case Noted
The case Of Mr.. and Mrs. H Is diff
ferent only in its details but Is more
tragic. They bought l60 acres near
Baldwin in December, 1915, but
things apparently didn't 60 too well,
despite the war boom, for in 1919 up
popped . whole series Of mortgages.
On Nov. 20 Of that year the Bank Of
North Dakota gave q first-mortgage
loan of $500; one G took q second
mortgage loan Of $500 and the
Baldwin State Bank took q third
mortgage for $3,3l7.45. All this hap
pened within five days and it seems
obvious that the Baldwin bank took
the third mortage as some sort Of Sc
curity for bills 1t couldn't collect.
In 1923, G foreclosed his second
mortgage and took over the Bank Of
North Dakota first-mortgage, the
Baldwin bank having closed in the
meantime and its equity being worth
less. Then G died and the property
was left without management. The
Bank Of North Dakota foreclosed 1t
J without protest and set about the task
Of selling 1t, II possible.
Sr,os tn1A &vSA1{n{h1A %a~ 1o,aA
bank loan because he lived too far
from the place and besides he had
other fish to fry by this time. An
effort was made to get one Of C's
heirs to apply for loan but on Aug
ust 6 he said he didn't want anything
to do with it.
Meantime, H appeared In the banks
records In another place. In 1924 he
moved to farm near Bismarck, this
being the time C,s foreclosure matur-
ed. The plot was one Of 30 acres. In
1928 he got $l,100 loan from the
Bank Of North Dakota but he never
paid all Of the first instalment and
has paid nothing since. No taxes
were paid since 1928.
Deed Obtained IN 1888
The property was foreclosed In 1882
and deed was obtained in 1888.
The property has been refinanced
by the federal land bank which ad-
vanced Il 600 on first and second
mortgage. the latter being commits
sioner's loan. The Bank of North
Dakota got out Of its second deal
with H by accepting $l,259.34 for an