238 The Farmer's Business Handbook 



or the interest thereon forfeited. By "void" is 

 meant that it will be so held at the option of 

 the debtor, and of him only. It is personal to 

 him and his estate and none other can take ad- 

 vantage of the statute and have it declared void. 

 As to every one else, it is fully valid and en- 

 forceable. In most states, a corporation cannot 

 use the defense of usury as a shield and escape 

 liability upon its obligations on that ground. 



Special rules, not to be considered here, apply 

 to pawnbrokers and to certain loans where col- 

 lateral security is furnished. 



V. TAXES 



Taxes which have been legally and properly 

 assessed and levied upon real property become 

 a lien thereon from the time the assessment is 

 confirmed and finally corrected and completed. 

 This lien will follow the property into the hands 

 of any subsequent owner, whether or not he has 

 had notice of the existence of the same. Prop- 

 erty is, therefore, liable not only for all taxes 

 assessed against it from the time one becomes 

 owner, but is also subject to the lien of, and may 

 be sold for, any taxes theretofore assessed against 

 it and which are unpaid. It is therefore impor- 

 tant, before purchasing, to make inquiry as 

 to outstanding taxes of the proper officers . 



