Page:United States Statutes at Large Volume 47 Part 1.djvu/1573

 72d C ONGRESS. SESS. II. CH. 270 . MA RCH 4, 1933 . 1549 number of annual or semiannual installments sufficient to cover the interest payable on the mortgage, and in addition t hereto such amounts to be applied upon the principal as will extinguish the debt within an agreed period of not more than forty years from the date of the reamortization ; to deposit such mortgages with the farm loan reg istr ar as col later al s ecuri ty f or f arm-l oan bonds at an amount not exceeding the principal of the original loan remaining unpaid at the date of such amortization ; and with the approval of the Federal Farm Loan Board to charge the borrower an amount not to exceed the actual cost incurred in connectio n with such reamortization ." S EC. 5 . (a) Paragraph "Second" of section 14 of the Federal Farm Loan Act, as amended (U. S. C., title 12, ch . 7, sec . 791), is amended to read as follows " Second. To loan on first mortgage except through national farm-loan associations as provided in section 7 and section 8 of this Act, or through agents as provided in section 15, or direct to borrowers as provided in section 7 ." (b) Section 14 of the Federal Farm Loan Act, as amended, is further amended by adding at the end thereof the following new par agr aph " Sixth. To accept as a dditional security for any loan to any borrower under this Act, or any installment on any such loan, any security other than Federal land-bank stock or mortgages on farm real estate ; and the transfer to any Federal land bank of any security if it may not be accepted by the bank under this paragraph shall be void : Provided, Thatt any bank may accept an assignment of the landlord's rent to the amount of any taxes paid on such land by the bank, or any interest due ." SEC . 6. (a) The fourth paragraph of section 19 of the Federal Farm Loan Act, as amended (U. S . C., title 12, ch. 7, sec . 854), is amended to read as follows " No mortgage shall be accepted by a farm-loan registrar from a land bank as part of an offering to securing farm-loan bonds, either orig inally or by subst ituti on, ex cept f irst m ortgag es ma de sub ject t o the conditions prescribed in sections 4, 7, 12, 15, and 16 : Provided, That such registrar, when authorized and directed to do so by the Federal Farm Loan Board, shall accept or retain in his custody as collateral, if otherwise eligible under the provisions of such sections, any first mortgage in connection with which the land bank depositing the same has agreed to defer for a period of not more than ten years the collection of the principal portion of maturing installments and Amortization ar to accept payment of the aggregate amount of such principal on an rangements. amortization plan by means of a fixed number of annual or semi- annual installments sufficient to cover the interest payable thereon and in addition thereto such amounts to be applied on the principal after the expiration of the period of deferment as will extinguish the debt within an agreed period of not more than forty years from the date of such agreement .' (b) Section 19 of the Federal Farm Loan Act, as amended (U . S. C ., title 12, chap . 7, sets . 851-856), is further amended by adding at the end thereof the following new paragraph " Such farm-loan registrar shall also accept purchase money most- mortgages Purchase m be II Oao y - gages as collateral security in place of mortgages withdrawn . The cepted as security . banks shall have power to execute all necessary conveyances, trans- fers, and assignments to carry out this provision ." Period not to exceed 40 years. Use of, as collateral security. Bank restrictions ; ex- emptions Vol .39p . 373 . U.S. G5.,p. 307. Loan direct to bor. rower, added. Vol.39,p.373. New matter. Additional security for loan other than land-bank stock, etc. Proviso. Assignment of land. lord's rent to cover taxes. Farm-loan bonds. Vol. 39 p. 378. U.S.GS.,p.308. Acc eptab ility as co l- lateralsecurity. Proviso. Custody where land bank defers collecting principal portion of maturing installments, etc. Vol 39 p.376. U.S.b.,P.309.