355.110 - Note and mortgage: Execution and recording; provisions. - Nevada Statutes

355.110  Note and mortgage: Execution and recording; provisions.

      1.  If the abstract is approved by the Attorney General and the title is in accordance with the requirements of NRS 355.100, and the written report of the appraiser or appraisers is satisfactory to the State Board of Finance, the loan shall be made. The person obtaining the loan shall execute a note payable to the State of Nevada for the State Permanent School Fund for the amount thereof, and shall execute as security for the payment of the note a mortgage upon the lands to be given as security in a form and manner to be approved by the Attorney General. The mortgage shall be recorded as other mortgages of real property are recorded.

      2.  Every loan made upon a mortgage on agricultural land shall be payable in not to exceed 10 years, and provision shall be made for partial payments annually or semiannually to the State Treasurer, but no payments shall be made in an amount less than $100 and interest accruing. All payments of interest and payments upon principal shall be made semiannually on June 1 and December 1 of each year.

      [7:212:1917; 1919 RL p. 3147; NCL § 6968]