OCR Text |
Show Crop Loans To Be Made Regulations for 1933 governin. crop production loans have been I sued by the secretary of agricm. ture and are now available to farm! ers in this county upon request t0 M. E. Kartchner, Jr., field inspects of the crop production loan offiCf Mr. Kartchner's office is in county agent's office. City and County building, Provo, Utah, every day and Saturday until April 29 Instead of writing to Washing, ton or to one of the regional or. fices, Mr. Kartchner announced farmers can obtain the necessary application blanks for loans, an(1 detailed information about the re-quirements, re-quirements, direct from him. App. cations will then be reviewed by the county advisory commits, then certified and forwarded u the regional office at Salt Lake City for final approval and action The regulations this year specify that only those who cannot gel loans elsewhere are eligible fot loons from the $90,000,000 fund an. thorized by congress. Loans can be used only for crop production and require the borrower to reduce his acreage of cash crops 30 pet cent under last year, unless he does not intend to plant more than 8 acres of cotton, 2t,; acres of tobacco, to-bacco, 8 acres of peanuts, 20 acrea of corn, 12 acr es of sugar beets, 21;, acres of truck crops, 8. acres of po! tatoes, 30 acres of rice or 40 acres of wheat. Maximum Is $300 The max-mum permitted to any one borrower this year is $300; or in the case of tenants, the total of all loans to tenants of any one landlord within a single county cannot exceed $1200. The actual amount advanced by the authori-ties authori-ties will depend on the borrower's requirements. . A first lein or mort-gage mort-gage on the crop will be required. The regulations require that loam be repaid on or before October 31, 1933. Interest at a1, per cent, de. ducted in advance, will be charged. Since the loans call for a first lien on the crop as security, the borrower frequently has to procure waivers from prior mortgages or rights. If the applicant is a tenant, ten-ant, or it farming land under contract con-tract for deed or so-called crop contract, con-tract, or has given a prior mortgage mort-gage on his 1933 crops, the regulations regula-tions state he must secure the waiver's of the actual owners of the land, and or all prior mortgage holders. |