New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-06-27

therefore hsve forthwith for the purpose, Of transfer
| 9 simple, complete, and indefeasib'e title
when the registered Ownership has NOT beer
| warranted, il will be subject 10 sued nights an
interests as existed in or we're capable II attaching
upon the property ct the time Of the first registration
but will not be subject TO any ghts or ntere.t'
arising or created at any period subsequent TO TIE
time when the frst registry effected, eIcept
charges and leases admitted TO the register and eIf
Ierests protected by caveat inhibition, after
Hsrd mentioned. Thencefofwsrd, the title to the
unaffected BY the register and by that alone; and
eventually the only title 10 land which purchaser
need examine will be the last transfer the same is
recorded in the Registrars books. At the commence
men indeed, the validity of the title of the first regis
tered owner will still depend, il does now. the
validity of tie party BY whom the transfer has been
ade. But as time passes this title will gradue ally
strengthen Itself until it has reached period which,
under the operation Of the Statute Of Limitations, will
make il complete, and mature il into an uninpeacha
bic statutory title. Year by year the purchaser vii
be brought and to this result and the
expenses which attend the retrospective investigation
Of title will be- gradually diminished Unit; they reach
their minimum point"
For the security Of parties to settlements it is pro-
posed that the registry may be in the of two
more persons with the words ''nO survivorship 4"
added the effect Of which shall be, that if of the
registered owners shall die no transfer Of the property
can be made till his place is filed, thus guarding
against such frauds occur las in the case of the
transfer Of stocks by the devolution Of trusteeshp
upon single person. 1t Is also proposed tha, parties
entitled to any unregistered interest, which the law
now stands would make their concurrence necessary in
a sale may enter careats against transfers without
their consent such entries 10 be with the consent of
the registered owner when he wrOnguly refuses it,
By order of court. II is also proposed that on the
death Of any registered owner, his executor
other representative Of him may be substituted in his
place keep up the chain of title pending the settle
ment Of the estate. II is proposed that fraud in OBJ
tairng register shall defeat the title obtained but
that mere notice Of unregistered claims shall not
operate preference being given to the purchaser Of
registered title claims which the did not
fit to protect by register. Provision Is also made
for due inquiry az 10 the nature of the registered title
whether obtained for valuable consideration or
merely as trustee without consideration, in which
case the registered trsnseree will remain subject just
the transeTor was 10 the equitable claims of per.
cons interested in the unregistered ownership.
With respect to the registration of ercumbrances,
the Commissioners suggest the following rules:
81 Every charge intended to be registered shall
be entered on the register 10 show the of the
owner thereof the lands upon which the same Is made
the amount Of money secured thereby, the rate Of
interest payable thereon the date Of the instr-
ment by which it il created.
go. Every such charge shall also be entered under
proper sencton-such the consent Of the reg
tered to the registration thereof the order
Of competent Court decreeing or directing the same
TO be registered.
"3. On the registration Of such charge the regis
tered ownership will be subject TO the legal rights and
powers incident to the charge, and either may be
Transferred independently of the other.
"a. A certificate Of the charge will be given by
the registrar to the party applying to register the
came.
as. The priorities Of all charges shall be deter
mined exclusively according to the dates Of their re-
spective registration.
go Unregistered charges shall only take effect as
unregistered interests, but may be protected in like
manner unregistered interests
Some special provisions also suggested to as the
registration Of leases Of twenty years or upward.
Short leases on rack rents, easements, Inherent
charges and other taxes and rates. including oil such
rights as may be ssceained by inspection of the land
itself or inquiry Of the occupant are not included in
this scheme of registration.
Such is the report of this Commission, which we
have gone into at greater length since it is not without
an immediate home interest to u.s. embracing, a. It
does many suggestions which might be avsiled OF to
improve our American systems of registration.