Section 11-34-123 – Foreclosure Proceedings; Duty of Attorney General; Deed in Lieu of Foreclosure.
11-34-123. Foreclosure proceedings; duty of attorney general; deed in lieu of foreclosure. (a) Any foreclosure of any mortgage provided for by this act shall be made in the usual manner, either by civil action or by advertisement as the board may direct. In cases of foreclosure the attorney general shall render all services needed in […]
Section 11-34-124 – Interest on Defaulted Payments and Unpaid Taxes; Agreement to Pay; Insurance Required; Use of Proceeds; Foreclosure Permitted.
11-34-124. Interest on defaulted payments and unpaid taxes; agreement to pay; insurance required; use of proceeds; foreclosure permitted. Every borrower shall pay interest on defaulted payments at a rate to be determined by the board not to exceed a ten percent (10%) annual percentage rate. By express covenant in his mortgage deed the borrower shall […]
Section 11-34-117 – Rates of Interest; Length of Loan; Amount.
11-34-117. Rates of interest; length of loan; amount. (a) The board may set rates of interest on all farm loans according to current interest rates but not less than four percent (4%) nor more than ten percent (10%) whether the money is loaned upon the amortization plan or otherwise. (b) A farm loan to a […]
Section 11-34-118 – Refinancing Delinquent Loans; Payment of Costs; Additional Fee.
11-34-118. Refinancing delinquent loans; payment of costs; additional fee. The board, whenever it deems necessary for the better protection of permanent funds of the state invested in farm loans, may refinance any delinquent farm mortgage loan and reamortize the loan over not more than thirty (30) years from the date of refinancing. All costs of […]
Section 11-34-119 – Ultra Vires Acts of Agent.
11-34-119. Ultra vires acts of agent. No loan or mortgage securing the loan shall be impaired or invalidated by any act of any agent of the board in excess of his powers.
Section 11-34-120 – Mortgages Taken by Board; Control and Disposition of Property.
11-34-120. Mortgages taken by board; control and disposition of property. (a) All mortgages and accompanying promissory note or notes taken by the board for monies loaned shall run to state loan and investment board as mortgagee or payee, and all titles to property taken by the board shall run to the board as grantee. The […]
Section 11-34-121 – Mortgagor to Pay for Recording Loan Papers; Title Insurance or Abstract Required; Deposit; Additional Fee.
11-34-121. Mortgagor to pay for recording loan papers; title insurance or abstract required; deposit; additional fee. The mortgagor shall pay for the recording of his mortgage and other papers connected with the loan which may be required. He shall furnish to the board at his own expense a mortgagee’s title insurance policy in the full […]
Section 11-34-112 – Application for Loan; Filing; Appraisal of Land; Consideration of Written Report.
11-34-112. Application for loan; filing; appraisal of land; consideration of written report. Before any mortgage loan is made by the board, the loan application shall be filed with the director of the office of state lands and investments who shall make, or cause to be made, an appraisal and written report upon the land offered […]
Section 11-34-113 – Terms and Conditions of Loans.
11-34-113. Terms and conditions of loans. (a) The board shall make loans only upon the following terms and conditions: (i) The loan shall be secured by a duly recorded first or second mortgage as approved by the board on the farm lands within this state; (ii) Every mortgage shall contain an agreement providing for repayment […]
Section 11-34-114 – Limitation on Loans; Percentages of Appraised Value.
11-34-114. Limitation on loans; percentages of appraised value. (a) No loan secured by a first mortgage shall exceed seventy percent (70%) of the appraised value of the land with the necessary existing improvements, as ascertained and fixed by the board except as provided by W.S. 11-34-117. If a loan is secured by a second mortgage, […]