786 AGRICULTURAL ECONOMICS 



above approximate basis of annual payments. It will be seen that 

 if the loan were made for a period of twenty-five (25) years the bor- 

 rower would pay a total of approximately six and one-half (6j) per 

 cent thereon, made up as follows: interest 4.3 per cent, reserve i of 

 i per cent; on the principal, i .7 per cent. 



SEC. 7. The state shall be divided into appraisement districts 

 and the manager shall appoint, subject to the approval of the board of 

 governors, expert appraisers in their districts. The salary of 

 appraisers shall be two thousand ($2,000.00) dollars per annum and 

 expenses. When an application is made for a loan an appraiser shall 

 be designated to make the appraisement of the land offered as security. 

 He shall appraise the land at its cash value and make his report 

 thereon under oath without delay, giving also in said report such 

 information as he may have concerning the applicant and the land 

 as to the desirability of the loan. The applicant must offer an 

 abstract of title which shall be examined by the prosecuting attorney 

 and a report made by him in writing, giving his opinion as to the 

 state of the title, which then shall be examined by the attorney- 

 general and his opinion endorsed thereon. The manager may require 

 any county officer and may ask any bank or trust company located 

 in the county of the applicant's residence to give without charge any 

 information desired relative to the applicant and the loan. 



SEC. 8. In all cases where service is rendered by a public officer 

 who receives a salary out of public funds, he shall perform the service 

 without fee, and such services shall be understood to be covered by 

 the salary paid to him. The attorney-general shall be the legal 

 advisor of the board, and the prosecuting attorney of the county in 

 which the land is situated shall render all legal services needed in 

 connection with the title and with foreclosure proceedings, or steps 

 taken for the collection of moneys. 



SEC. 9. In all deeds of trust given to secure loans the state bank 

 commissioner shall be named by the title of his office as trustee, and 

 in case of default necessitating foreclosure, he may act in person or 

 by attorney in fact, or by one of the state bank examiners, whose 

 duties as examiner shall necessitate his presence in that part of the 

 state, so that he may be able to attend at the time and place of fore- 

 closure sale with a minimum of traveling expenses, and there shall be 

 no charge for trustee's fees in connection with the foreclosure sale. 



SEC. 10. The said deeds of trust shall likewise contain such pro- 

 visions as to make it unnecessary to give notice of intended fore- 



