Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1934-07-19
proved bond that he will make

an approved bond that he will make
such payments.
10. In the event that the debtor
fails to make any required payments,
either of interest or principal of the
appraised price, or for property con-
sumed or disposed of, then the Sc
cured creditors or the trustee for the
unsecured creditors may proceed to
enforce their liens or encumbrances
in accordance with law
10. When all required payments
for any particular piece of property
have been made, it is the duty of the
secured creditors and of the trustee
to discharge all liens of record
against such property in accordance
with law. The debtor may apply for
discharge in bankruptcy when he
has fulfilled his obligations under the
agreement.
20. In the event that a secured
creditor of the debtor files written
objections to the manner of payments
and distribution of debtors property"
the Court, after having set aside the
debtors exemptions, shall stay all
proceedings for period of five years,
during which time the debtor has the
right to retain possession Of all or
any part of the property, under the
control of the Court, provided he pays
a reasonable rental annually for that
part of the property of which he re-
tains possession. 1t would seem that
the stay would be effective at any
stage Of foreclosure proceedings so
long as any further act is a prere-
quisite to the nguishment of the
debtors right to redeem. For in
stance, in states where the debtor
may redeem at any time up to the
issuance of the sheriff's certificate
or masters deed, it would appear
that the stay of proceedings would
prevent the issuance of the certifi-
cate or deed.
81. 1t is thought that the reason
able rental which the debtor must
pay annually for the property Of
which he retains possession might be
measured by the usual rental paid for
similar property in the community
Where the farm Is situated.
%. The Amendment provides that
at any time during the five year per-
iod, the debtor may pay into Court
the appraised price of the property
of which he retains possession, and
thereupon acquire full title to it.
However, the holder of any lien
against real estate may request the
Court to have such real estate reap
praised and the debtor may then pay
into Court the reappraised price, if
acceptable to the lienholder. If the
reappraised price is not acceptable to
the lienhOlder, the debtor shall pay
into Court the original appraised
price. Upon payment of the appraised
or reappraised price Gas the case may
beg the Court shall turn over full pos
session and title of the property to
the debtor, and the debtor may apply
for his discharge as bankrupt.
%. The question arises whether
provision could be made so that short
term credit may be extended for the
purpose of financing farming opera
tions upon a farm in the possession
Of a debtor under the control of the
Court. 1t would seem that the referee
in bankruptcy, under proper rules and
regulations, might be empowered 10
permit the granting of such credit
under terms and conditions which
would give the lender adequate Sc
curity.
"a. In the event that the debtor
fails to comply with the provisions
of subsection IS, the Court may
order the trustee to sell the property
as provided elsewhere in the Act.
%. The last sentence of paragraph
Z contains a proviso limiting the ap-
plication of this Act" to debts ex-
listing at the time this Act becomes
effective. Although the quoted phrase
technically refers to the Act of July
1, 1898, it is obvious that the clause
was intended to refer in this respect
either: O to the Act approved
March 3, 1888, which added Section
10 of the Act of July l. 1898, as there
tofore amended; or (2) to the bill Of
which the proviso is a part, j. e., the
Act approved June %, 1884.