How educational lands leased. AN ACT To amend sections 17 and 19 of the act entitled "An act to provide for the registry, sale, leasing, and general management of all lands and funds set apart for educational purposes, and for the investment of funds arising from the sale of such lands," approved February 19, A.D. 1877. [Laws of 1877, page 180.] Be it enacted by the Legislature of the State of Nebraska: SECTION 1. That section 17 of an act entitled "An act to provide for the registry, sale, leasing, and general management of all lands and funds set apart for educational purposes, and for the investment of funds arising from the sale of such lands," be so amended as to read as follows: "Section 17. Whenever any of the lands herein provided for have been offered for sale and not sold for want of bidders, the said board may lease the same on the following conditions: All persons desiring to lease such lands shall file their sealed proposal for the leasing of the same, under the terms and conditions. hereinafter set forth, in the office of the county treasurer of the county in which such lands are situated. The proposal shall describe the land desired to be leased by section, township, and range, and set forth the highest rate per cent on the appraised value of the land which the bidder will pay: Provided, that no bid or proposal offering less than six per cent. per annum on the appraised value of such lands shall be entertained; and such proposals shall be transmitted by the county treasurer to the commissioner of public lands and buildings, and by him opened at the next meeting of the board, who shall examine and approve or reject the same, and if approved execute a lease for the same to such bidder at the price named in such proposal: Pro vided, if any other bid for the same land shall be presented to said board they shall execute the lease to the highest bidder: Provided, that no land shall hereafter cational lands. be leased at a less rate than six per cent per annum on Rental of eduthe appraised value thereof, and that the said rate of six per cent be and hereby is declared to be the minimum rate at which such lands shall be leased.” rent. lease. SEC. 2. That section 19 of said act be so amended as Payments of to read as follows: "Sec. 19. The first payment shall be computed to the first day of January or July, as the case may be, next ensuing the date of executing the lease, and such lease shall contain a covenant or contract Covenants in of the lease, that he or she will promptly pay the rental or interest semi-annually, in advance; that no waste shall be committed upon the land, and that the premises shall be surrendered at the expiration of twenty-five. years from the first day of January next ensuing after the date of the lease, or sooner with the consent of the board herein referred to; that the lessee will pay for the use of said lands the annual rate of not less than six per cent per annum upon the appraised value thereof; that at the expiration of five years from the date of the lease, and every five years thereafter, the land shall be appraised by three persons, one of whom shall be appointed by Appraisal of the county clerk, one by the lessee, and the third by the other two, and that the valuation made by such appraisers shall (provided it be not less than the former appraisement) be the basis for the rental for the five years succeeding the next first day of January: Provided, that the appraisement shall not include improvements made by lessee." value, lessee, how Any lessee of school or university lands may at any Purchase by time, not oftener than once in any one year, apply in effected. writing to the county treasurer of the county in which the land is situated, to have such land appraised for the purpose of sale. On the receipt of such application, Act repealed 1877, 180. and the payment of six dollars by such lessee, the county treasurer, together with the county clerk and county judge, shall appoint three disinterested freeholders of such county, whose duty it shall be to appraise the lands designated at their just and full value, exclusive of improvements, and to make a return of such appraisement within twenty days after their appointment. Such appraisement shall be made under oath. Each appraiser shall receive the sum of two dollars for his services, to be paid by the county treasurer out of the money paid by the applicant as aforesaid. Within ten days after the appraisement aforesaid it shall be the duty of such county treasurer to forward the same, together with the written application aforesaid, to the office of the commissioner of public lands and buildings, and such applicant may, at his option, at any time within sixty days after such application, make a written surrender of his lease, which shall be filed in the office of the commissioner of public lands and buildings, and thereupon said lessee may purchase said lands at their appraised value, but at not less than seven dollars per acre, and a contract of such sale shall be executed and recorded in all respects in the same manner, and shall have the same force as in case of the public sale of other lands under the provisions of this act, but in such case the contract shall recite the fact that such sale is made at private sale to a lessee under the provisions of this act. SEC. 3. Said original sections 17 and 19 be and the same are hereby repealed. Approved February 27th, A.D. 1879. To amend chapter 34, General Statutes (being chapter XXVIII of Be it enacted by the Legislature of the state of Nebraska : That chapter 34 of General Statutes, being chapter XXVIII of Revised Statutes of 1866, be and the same is amended to read as follows: interest to be SECTION 1. Any rate of interest which may be agreed what rate of upon, not exceeding ten dollars per year upon one hun - valid. dred dollars shall be valid upon any loan or forbearance of money, goods, or things in action; which rate of interest so agreed upon may be taken yearly, or for any shorter period, or in advance, if so expressly agreed. SEC. 2. Interest upon the loan or forbearance of same. money, goods, or things in action, shall be at the rate of seven dollars per year upon one hundred dollars, unless a greater rate, not exceeding ten per cent per annum, be contracted for by the parties. decrees. SEO. 3. Interests on all decrees and judgments for Interest on the payment of money, shall be from the date of the judgments and rendition thereof, at the rate of seven dollars upon cach one hundred dollars annually, until the same shall be paid; Provided, that if said judgment or decree shall In other cases. Consequences of usury. Agent of borrower and lender. be founded upon any contract, either verbal or written, by the terms of which a greater rate of interest, not exceeding the amount allowed by law, than seven per centum shall have been agreed upon, the rate of interest upon such judgment or decree shall be the same as provided for by the terms of the contract upon which the same was founded. SEC. 4. On money due on any instrument in writing, or on settlement of the account from the day the balance shall be agreed upon, on money received to the use of another, and retained without the owner's consent, express or implied, from the receipt thereof, and on money loaned or due, and withheld by unreasonable delay of payment, interest shall be allowed at the rate of seven per cent per annum. Unsettled accounts between parties shall bear interest after six months from the date of the last item thereof. SEC. 5. If a greater rate of interest than is hereinbefore allowed shall be contracted for or received, or reserved, the contract shall not, therefore, be void; but if in any action on such contract, proof be made that illegal interest has been directly or indirectly contracted for, or taken, or reserved, the plaintiff shall only recover the principal, without interest, and the defendant shall recover costs; and if interest shall have been paid thereon, judgment shall be for the principal, deducting interest paid: Provided, the acts and dealings of an - agent in loaning of money shall bind the principal, and in all cases where there is illegal interest by the transaction of the agent, the principal will be held thereby as if he had done the same in person. Where the same person acts as agent for the borrower who obtains the money from the lender, he shall be deemed to be the agent of the loaner also. Persons may be required to SEC. 6. Any person charged with taking illegal inanswer under terest may be required to answer touching the same, on oath. oath, in any civil proceeding. |