Source: http://mdh.contentdm.oclc.org/cdm/ref/collection/molaws/id/44987/
Timestamp: 2019-09-19 03:01:24
Document Index: 621924636

Matched Legal Cases: ['§ 9', '§ 15', '§ 8', '§ 9', '§ 10', '§ 13', '§ 14', '§ 15']

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118 . LAWS OF
all fines, penalties, forfeiture.-; and damages, for. waste, trespass or other injury
thereto, shall constitute a " township school fund," for the township to which
school purposes, as herein after provided, the •accruing interest of the fund and
ail rents and profits of its land, together with all fines, penalties, forfeitures and
damages for waste or injury thereto which may be recovered shall be added to,
§ 9. The county courts respectively shall have the care and management of
therein, the county court of such county shall loan the same for the highest interest, that can be obtained, not exceeding ten nor less than six per centum per
be secured by a bond of the boirower, ar.d two or more sufficient securities
joining therein as obligors: but if the sum to be loaned exceed one hundred dollars, the court shall require, in addition to the bond and personal security as
above specified, a mortgage in fee, on real estate free from all liens and incumbrances, within the county, of the value of double the amount of the loan; and
the court may require such mortgage in all cases, although the amount be such
as might be loaned on personal security.
»} 12. No loan shall be made to any person other than an inhabitant of the
time a resident house-holder therein, of sufficient ability to pay the amount
loaned in addition to all the debts for which he is otherwise liable.
for school purposes, shall be made for a longer perioci than one year; but where
the debt is secured by mortgage, the court may, if they deem the security sufficient, from time to time, extend the time of payment of both principal and interest, for a year or less at a time, until the township to which it belongs is
funds shall be collected, and loaned on bond and mortgage as above specified,
and not otherwise, for a period not exceeding ten, nor less than five years, the
interest to be paid on the last day of December of each year.
§ 15. In all cases of loan, the bond shall be to the county, to the use of the
township to which the fund belongs, and shall specify the time when the principal is payable, the rate of interest, and the time when payable; that incase of
default in the payment of interest, or failure by the principal in the bond tc
give additional security, when thereto lawfully required, both the principal su
and interest shall become due and payable forthwith; and that all interest no.
§_ 16. Every mortgage taken under the provisions of this act, shall be in the
condition, that if default shall be made in the payment of principal or interest,,
or any part thereof", at the times when they shall severally become due and
county may, witnout any suit on the mortgage, proceed and sell the mortgaged
premises or any part thereof, to satisfy the principal and interest, and to make
Identifier LAWS_9th_1836-1838_0454.tif
Transcript 118 . LAWS OF all fines, penalties, forfeiture.-; and damages, for. waste, trespass or other injury thereto, shall constitute a " township school fund," for the township to which the land belongs. § 8. Until the township to which such fund belongs shall be organized for school purposes, as herein after provided, the •accruing interest of the fund and ail rents and profits of its land, together with all fines, penalties, forfeitures and damages for waste or injury thereto which may be recovered shall be added to, and form part of the principal of the township school fund of such township. § 9. The county courts respectively shall have the care and management of the school funds of the respective townships within their jurisdiction, and shall cause accounts thereof to be stated and kept, so as to shew the funds of each township separately, and the disposition thereof. § 10. Whenever there shall be in the county treasury of any county, any money belonging to the capital of a township school fund, of any township therein, the county court of such county shall loan the same for the highest interest, that can be obtained, not exceeding ten nor less than six per centum per annum, upon the conditions, and subject to the restrictions and limitations hereinafter provided. § II. If the sum to be loaned shall not exceed one hundred dollars, it may be secured by a bond of the boirower, ar.d two or more sufficient securities joining therein as obligors: but if the sum to be loaned exceed one hundred dollars, the court shall require, in addition to the bond and personal security as above specified, a mortgage in fee, on real estate free from all liens and incumbrances, within the county, of the value of double the amount of the loan; and the court may require such mortgage in all cases, although the amount be such as might be loaned on personal security. »} 12. No loan shall be made to any person other than an inhabitant of the same county, nor shall any person be accepted as a security, who is not at the time a resident house-holder therein, of sufficient ability to pay the amount loaned in addition to all the debts for which he is otherwise liable. § 13. No loan of funds belonging to a township, not at the time organized for school purposes, shall be made for a longer perioci than one year; but where the debt is secured by mortgage, the court may, if they deem the security sufficient, from time to time, extend the time of payment of both principal and interest, for a year or less at a time, until the township to which it belongs is organized. § 14. When a school township now is, or hereafter shall be organized, its funds shall be collected, and loaned on bond and mortgage as above specified, and not otherwise, for a period not exceeding ten, nor less than five years, the interest to be paid on the last day of December of each year. § 15. In all cases of loan, the bond shall be to the county, to the use of the township to which the fund belongs, and shall specify the time when the principal is payable, the rate of interest, and the time when payable; that incase of default in the payment of interest, or failure by the principal in the bond tc give additional security, when thereto lawfully required, both the principal su and interest shall become due and payable forthwith; and that all interest no. punctually paid shall bear interest at the same rate as the principal. §_ 16. Every mortgage taken under the provisions of this act, shall be in the ordinary form of a conveyance in fee, shall recite the bond, and shall contain a condition, that if default shall be made in the payment of principal or interest,, or any part thereof", at the times when they shall severally become due and payable, according to the tenor and effect of the bond recited, the sheriff of the county may, witnout any suit on the mortgage, proceed and sell the mortgaged premises or any part thereof, to satisfy the principal and interest, and to make