Congressional Edition Volume 7582

Congressional Edition Volume 7582

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 edition. Excerpt: ... to make loans to owners and tenants of farm lands to enable them to procure seed grain and feed, such loans to be secured by contracts having the same force and effect as promissory notes, agreeing to repay the amount of the loan on the 1st day of October. It was further provided that if the indebtedness was not Eaid on or before the 15th day of October it should be entered as a en having priority over all encumbrances except those existing at the time the act went into effect. At that time the Federal Land Bank of St. Paul had approved and was ready to close loans in North Dakota to a very large aggregate amount. The farm loan act provides that loans made by Federal land banks "shall be secured by duly recorded first mortgages;" that with applications for the issuance of bonds the banks shall tender as collateral security "first mortgages"; and that wherever the term "first mortgage is used in the act "it shall be held to include such classes of firstliens on farm lands as shall be approved by the Federal Farm Loan Board." In view of these provisions, the enactment of the North Dakota statute raised serious questions, both legal and economic. The legal question was whether the Farm Loan Board was justified in approving as a "first hen" a mortgage which was a first lien on the day when it was recorded but was liable to be made a second lien on the day following. Assuming that this question might be decided in the affirmative, the economic question remained as to the amount of loan which might safely be made under these conditions, there being no absolute limitation of the amount of the subsequently accruing lien which was to be given priority. The legal question was submitted to the more

Product details

  • Paperback | 120 pages
  • 189 x 246 x 6mm | 227g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236571029
  • 9781236571021