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Show FEDERAL LOANS FOR UTAH DROUTH HIT FARMER - STOCKMAN Loans for the purpose of feed for cattle, horses and sheep during the fall and winter will be made to farmers farm-ers in the drougth stricken areas of ,the Dakotas, Utah, Idaho, Washington Washing-ton and Nebraska, Secretary Hyde announced this week. These loans will be at the rate of not to exceed $3.00 per head per month for cattle and horses and 30 cents per head per month for sheep, covering a feeding period of not to exceed six months. The loan to any individual will be limited to the amount necessary neces-sary for the feeding of 40 cattle, 6 horses, and 200 sheep, and in no case is to be in excess of $1,000. .Borrowers will pe required to give a lien on their stock to secure the repayment re-payment of the obligation, the notes maturing October 1, 1932. The areas in which loans will be made include the northwestern part of North Dakota; the southwestern part of S. Dakota, a few counties in northeastern Nebraska; the east half of Montana and a part of Utah and Idaho. In the event that the livestock of- jfered as security is already covered by a prior mortgage, the holder of the prior mortgages will te asked j to agree that the government loan l and lien shall be of eoual standins with the first lien; and in -the event of foreclosure or sale the claim of the United States, whether due or not, against livestock covered by the lien made to the United States, shall be satisfied in the proportion that the sum loaned on each head by the United States bears to the amount of the first lien against such livestock. For Example: If a prior mortgage holder has a mortgage on a single animal for $36 and the Government makes a loan of $18, making a total of $54, then, in event this animal is sold, the prior mortgage holder will receive $2 to each $1 received by the government. The agreement provides, provid-es, however, that in all cases where present lienholders hold liens under general mortgages covering other property in addition to the livestock, and where such liens aggregate excessive ex-cessive amounts, it is agreed that in any determination of the rights of the government and of present lien-holders, lien-holders, no valuation of the livestock and no amount of mortgage upon it, shall be made or recognized in excess of $G0 per head on cattle, $75 on horses, and $6 on sheep. The lien-hokler lien-hokler must agree that he will not transfer, pledge, hypothecate, sell or assign such mortgage or note without with-out the written consent of the (Secretary (Sec-retary of Agriculture or his duly authorized au-thorized representative. In view of the severe drought damage in several Western States, says Secretary Hyde, the department will support legis lation authorizing loans for seed for spring planting, but it will be impossible to assist in financing fall-sown crops. |