Skip to main content
Find a Lawyer

Idaho Statutes Title 43. Irrigation Districts § 43-2001. Release of first mortgages held by state upon dissolution of districts

Current as of January 01, 2024 | Updated by Findlaw Staff

The state board of land commissioners is hereby empowered, whenever in its judgment the necessity requires, to release first mortgages on farm lands within the state of Idaho, held as security for loans made by said state, and accept in lieu thereof and as security for the payment of said loans, second mortgages in the full amount due, owing and unpaid on said released mortgages, subject to the following terms and conditions:

(a) The lien prior to said second mortgage shall represent only retired general obligation bonds and warrant indebtedness and the interest due thereon of the irrigation or drainage districts within which said lands are located.

(b) Said prior lien shall constitute only the pro rata acreage proportion of the total amount necessary to retire said general obligation bonds and warrant indebtedness and the interest due thereon.

(c) Said prior lien shall not exceed an amount equal to 75 per cent of the pro rata acreage proportion of the face value of the outstanding general obligation bonds and warrant indebtedness and interest due thereon retired.

(d) The interest rate on said prior lien shall not exceed the rate of 6 per cent per annum.

(e) The release and acceptance of a second mortgage shall be for the purpose of winding up the affairs and dissolution of the district.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Idaho Statutes Title 43. Irrigation Districts § 43-2001. Release of first mortgages held by state upon dissolution of districts - last updated January 01, 2024 | https://codes.findlaw.com/id/title-43-irrigation-districts/id-st-sect-43-2001/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard