Idaho § 43-2001 - Release of first mortgages held by state upon dissolution of districts
Full text of Idaho Idaho Statutes § 43-2001 — Release of first mortgages held by state upon dissolution of districts, with citation guidance and answers to common questions.
§ 43-2001. Release of first mortgages held by state upon dissolution of districts
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.
[43-2001, added 1933, ch. 194, sec. 1, p. 385.]
Source: official Idaho text · Last verified 2026-08-27
Frequently Asked Questions About Idaho § 43-2001
What does Idaho Statutes § 43-2001 cover?
Section 43-2001 ("Release of first mortgages held by state upon dissolution of districts") is part of the Idaho Statutes, the codified statutory law of Idaho. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Idaho § 43-2001?
A common citation format is "Idaho Statutes § 43-2001" (Idaho). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Idaho law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Idaho official source linked on this page or consult a licensed Idaho attorney.
How does Idaho § 43-2001 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Idaho can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Idaho.