§ ‘ TQTLE 12.-—BAN1 of this pamgfaph. jYVlae·névor the amount of the loan appliod _for~<¤xcoods the amount that may be loaned un-dor tho appraisal as lwrcin 1i1irit•;d,`sucli,1oan iizay be granted to the amount pcm- `mittcd under l;ll€‘lQ1‘lllS of this paragraph ·without requ_irin.g a new application or gwpraisal. (July 17, 1916, c. .2-;.5, § 12, 39 Stat..3@'0.) I _ , _ _- _ Sixth. 'P(`I;.w€JHS Z‘:ztiz’l<i<Z io loans; $01.08;- déath of mortyggorz-+ . 'Not such `loans shall bc made to any person who is not at the timo, or shortly to l)€C()IH€_,_€ll;§'8g`€d in. thé cultivation of the farm mortga;;t-d. In case of tho sale of the ·*mt•1·_tgagod land, the I·`t·doral land bank may-'pe.rmlt said mortgage and `the st<»ck‘intt·rosts of thejvcmlof to be assumed by the;purbhase1‘, Ia case of the doath of the_mortgagor, his·hcir or heirs, or his l¢·gal_ representative or_ rc·f>roso11tativés, shall have tho opf tion within sixty days of ‘Sl1ClI·(l€&t4h, toiassuhm the mortgage and stock interests of the deceased. (July_ 17,1916, c. 245, \ 12, 39 Stat. 3.70.) - " _ _ · » . Sow11th. ,1la.z·imum and m.inimum‘0f loans.-;-Tho amotmt of loans t_0 any 0né`borrowor shall in no éase exceed a maximum of $25,000, nor shall any oné loan be for a less Sum than $100, buhprcferénco Shall be `givéif to applications for loans of $10,000 and_.und¢=r`.. (July 17, 1916,lcQ 245, § 12, 39 Stat.'370; Mar. 4, 1923, c. 252, Title III, ‘§ 307,.42 Stat. 1476.)- _ _ _Eighth. Form of applications foffl0ahs.~—Ev¢;;ry applicant for
- 1 loan under the`§:crms of this chapter shall make application
oi; a form `to be [proscribed for that purpose by the Federal _Fa1‘m-Loan Board, and such applicant shall state t_l1g.0bjeg:ts to whjéh tlxelproceoda of·said loan are to be ajspliodg and shall afford- such other information as maybe required. ·(July 17, 1916,0. 245, § 12, 39 Stat. 370.)__ * ‘ - _ _ Ninth. Intbrext mt Zlcfaultcd ·payme1uts,• payment `0f¤ta.i·cs ` and 150218 mu»·am·.T1cvé¤y_ b0rroxvt;·r shall pay `Simplo [lntorost on defaulted payments, at `tho rata 'of 8 per centxxnrpor annum, and by express covenant ln his xnortgage deed shall undertake to pay.whcn clue all taxes, lions, judgments, or assossments. which may be lawfully assessed against the land xm»z.·tgagt·d._ Taxes, Iiezgs, judgments, or assessments not paid wlnion dao, a11d.paitl.by the mortgagee, shall become a part of tho mortgage debt and shall bear siaiple llltUl'€St-HZ thé rate tot 8 por contum por 8ll1ll1D‘l.’· Every lJOI'D0\\’0l" shall undertake to kvvp iu¥myt·d°to the satisfaction of tho ,Fodcral Farm Loan °Boa;·d·aI1 hu_iklings.the ’v·aluc’of’ which xxjaé a ?ac·to1·»in‘dctcr·= taining tho.amou11t: of the loany 111sut·ano0 sha-ll be madc"pay— able to tho xnlortgagoo as. its interest may apD€ar`at time of loss, and at the option of tho, mortgagoxiand subject to general zwgtzlantioxm of tho'I·`cdox*al,I1`ar1n Loan Board, sums so rocofvccl may be ugcd to pay-for reconstruction of the buildings dosétroyod. (July 17, 1916, c. 245,.§ 12, 39 Stat._`370.) » - ’ Tenth. Agrvcmwzt D1] borrowers as to uso or l0qnx.—-——Evcry lmrroyvor who shall bc grantee} a loan undcr‘ the provisions of thi>< t·lx.apto1·_ shall puter into an ·ag1•o0n1cnt, in form and ¢umlor ‘ tmalltibxla to l)€.})l`C>'Cl’ll)C’(1 by tho Federal Farm Loan Board, that if tho wlmlo or any portion of. hi_a`”_1oau shall bocxpondod _for purpo.~<t·s otht·r than those specified in his o1;igi11a1 application, or .if tho borrow<·r·sl1aI‘l be in dvfault in réépcct toéany ¢·oml·iti¢»a or coyonant; of tho mortgago, the whole of said loan ,altall,¤ at the option of the mortga,·:co, become due and payable W i’&»rthwi1h: .1’roa‘idt2d, That tho borrowor may use part of” said · loauato pay for his stool; in the farm loan aaséooizition, and the laml_bauk‘_ holding suchi nwrt,·:.·;ago may' perniit; said loan to bc Ktmal for any purpose spooitivd in subsoction fourth of thla soction. (July 17, .1916, c. 245, 5 12,_39 Stat. 370..) 1 l·.`ilt·vt·ntli. Loans not invalidated by utzautlmrizcd acts by banka or (£8&O{‘i(IHO728.—-—}<() loan or lbé mortgage securing _tho t3£llllt?!_,Sll2ll_l be impalrod or inyalidatod by reason ofjtho ext·rt·iso of any power by aay Fodc1*al'l:1nil bank or national farm lozm_aa.soeiatioa i¤n.bxc·css of tho powcrstlxorcin granted onany liutitutious·the;1‘•.{0u. (J aly 17, 1916, C. 245, { 12, 39 Stat. 370.) ·. ‘ "
5fS;AND BA2VIflNjG SOG 772. Loans-to be current funds nr farm loan bonds.—¤Fum;g transmitted to farm loan gssociations by Ikederal land -luml-;» ~ to be loaned to its members shall be in current funds, or farm joan bonds, uitktheeoptioq of the borrower. (July Z17, 1;m;_ c. 245, _§ 12, 3 Stat. 370.) ‘ - "Z73. Mortgages on fhrmlamis nmder.United States reclamatipn pfoj_ects.———The: term "th·st m0rtgagé,"· éxs _1j1sed in .sg><·tm( » 771, shall- be construed to include mortgages _0n"farm {ami; _ under United States reciamaticm prcjircts, n0tvvithst;m(m(g ~·there may be against such lands wremrvcd or created iién in favor of tha_U11itcd’ States fdr c<»¤Stru€3ti0u or other c1m;·q.—S '· ’as groyjgled in sccticmé 372, 381, 383, 391. 392, 411, .416, 419, 4:1_ 431, 4.32,434, 439, 461, 476, /491 and 498 of, Title 43, PUB,L1<·t - ~LANDS:?1’r0»vidcd,_ That such laptls are_`0th_erwise eligible fur .10sms_ under this chapter: And provided fyrtIier,’T1im nw amount ·8I1H' date of maturity of siuchliexi shall be given mm consideration in iixiug the value of suéh lands fo;·.—1oan_pm~- .p0_sés. (May 15, -1922, c; 190,,5 3*, 42 Stat. · - · . POWERS OF _FEDERAL—LAND BANKS GENERALIAT _ 781. Enumerated powcrs.——Every Federal land b:111k‘sh:m haw; power, subject to Ilgé limitaltlmls arid °1’€€]\}i1t€Il1€¥1(S of {MQ chapter- . · _ `- .. -. ‘ ’ - · . ‘1<`ii·st. Issuing and,-selling farm loan bonds.-#T0 issue, stm. jebt to the approval of the Federal F;1i•1f1_L0an Bd&I(l,__ ami m ’· sell farm loan bonds bf thé kinds authorized in this ehapter, m buy the samefor its gmx accdunt, and to` retire the smug at 9;: ·bc·fb1·K maturity,. (July 17, 1916, c. 245, 5 13, @ Stat. 372.) Second. Invcstihg f»imd.s in {arm yirst mm·tgagé.s.——'1‘o imm: n such_f1mds!{1s mary be in; its possession in the'pu_i·chase en? qualified yiirst mortgages _0u farm lands. situitcd within me _, l•`ed~0rz1l`.lrgnd b§{1k·dis_trict within. which it is organized or my " which it is acting. (July·1’Z, 1916, c. 245,} 13,39-Stat. 3Z2.; Th-ird. Receii>t_and de»p0sit”'0‘f mortgages as coltatcmt {nr ( honda; .¢·0l1cct·i{m¤ of moneys payable? wgndef mcrtgegges and bomls.-—-To réé¢ive_aml` to deposifin trust with themrnx loan wgristrar for_t11c`disti·idt, to be by him heid as collateral sv- ’. curity for farm »l0an hmids, mst _¤)0rt,·:ages.up0n farm hm}! “ q1u1liiied`.11m1cr section 7'2'1 of- this ¢ha_pter,_·mfd to *ex11p¤.m·r [ xtmtioual farni -ln:m_ assnéiatimxs, or` duly tnutlorized agvms. _· to collect'smd‘inm1cdi:1t•.·ly·pay over t0_ said ind bamké. tho ( dl1é§,_iI1{t§1’€•Sf,` umortlgatimjn iI1:5tZu1_fl)€'HiS and other si+ms‘ pay-» ( able uudcr the terms, conditions, and covenants of the mum- “_ giagqs fund dfthe lljonds securcdlt}1crel»y. -(Ju[y 17, 1916, 0. :245. l § 13, 39 Stat. 372.)-._ ` · · - ·Fo_urt!¤...4=I4cqz1irizig and dixposing _0f préperty.-—-T0 acquire mid. dispose of- ” .· - - ‘ . (ay) Such property, rc·n`l_0r personal, _£1s°may_be nec·0s¤:n·y Nor c0nv0ni0nt”fm· the transaction 0’f·`its business, wixivh, lmwcycr, may bc in part lcgxsigd to others f<ir'mvegmc pupp<>sv>¢. ·(b) Patcols of· land acquired in satisfaction pf_1k·bts M} A ‘ purc11asod at Salvs under judgments, g1(·¢.:rees, •»1·‘;m>x~t;m—·;:*<·< he-le} by it. But no such bank shall hold title and pds¢oséi(·¤r`= ( of any ri-s1l.0St;xtc purclmscd or acquired to secure any dvht 1 {hw ‘t0‘it, for znjldugcr poribd than Hm y<·m·s, ex(·epf with tho sp¤»c°z;1 a_ppr’oval of the Federal Farm Loan Board in writing. (Jufy 17, 1916, c. 215, § 13, 39 Stnt._3'i'2.)` · ‘ Fifth. Dvpositing aemrities ezndjzmds with re:.•mr1rc bank-Q.-— `T0 deposit its scqurities, sgml its curmint funds spnlxjcwt to chcckhwith any member bunk of. the Fbdmwnl réswrvo sysmrn. zmd9t0_ receive intérost on tliq Same as hwy be ugrew-d. (July . A 17, 1916, c. 245, § 13, 39 Stat. 372.). » h i . _ Sixtlry[¤’_Ccc·iving d<*p0sifs` from €!88Q(:i(¥ti03t‘R.·—·;:[`0__8Cf‘(f[lf doposits of sccuritics or of purrcnt funds frmh' nati(m‘z1l· fnym ( loan £1SS(}Ci&(i0I1S' holdthe- its slmrvs, but to pay 110 intéwest. on suqh deposits.- (July 17, 1916, c. 245, § 13, 39 Stat. 372.) · 1 . Seventh. Ikcrrcusing money.-···-'1`0 borrow money; to give me- Qqztirity tlm1;cf<»r,.an1cl_th‘pay interest thereon, (July 17, 1916, 1:. 245, 13,39 Stat. 372.) ‘ `
