The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1889-07-14
TITLE INSURANCE.
The Purchase of Property and
LOaning of Money Made Safe.
a STRONG CORPORATION FORMED.
Safety for Investors More Danger From
Imperfect Titles-EverY Careful Nan
Should Read and Heed.

DurlnS the past rev years class OF cor
porations for insuring the titles of real es-
tate has been organized in different parts of
thecountry notably at New York, Brooklyn,
Philadelphia Chicago, San Francisco, etc.
A similar corporation has been formed in
Salt Lake city, by the following named per-
sons: F. H. Auerbach, r. G. Chambers,
J. E. Dooly, w. G. Hall, L. S. Hills, T. R.
Jones, J. A. Marshall, w. S. Mccormick,
James Sharp, E. A. Smith, A. L. Thomas,
j. R. and M. H. Walker, J. j. DAILY and 7.
G. Weber. These men have secured a
perfect and complete transcriptof the rec
ords to title in Salt Lake city and county,
and of the tax, lien and judgment records
affecting said titles, and they possess sufi-
cieut pecuniary responsibility to place their
insurance beyond question.
The Insurance Policy takes the place of
the distract. Under the old system of ex-
aiming titles and abstract was purchased
at an average cost of &c. an attorney was
paid to examine the title, and before con-
clusion was reached the expense would be
about equal to the average cost of an in
surance policy. The examination by the
attorney would amount to no more than
an expression of opinion on the facts sub
mltted to him. Among the thousands of
instruments of record, one vital to the
title may have been missed by the searcher
A careless clerk may have made an
error in the record; or may have failed to
index an instrument. THE PUBLIC RECORDS
DO NOT ALWAYS CONTAIN ALL THE FACTORS
OF TITLE. SOME OF THE MOST APPROVED
TITLES HAVE BEEN COMPLETELY DEFEATED
MY PROOF OF FACTS WHICH ARE ENTIRELY
OUTSIDE THE RECoRDS-FA ACTS WHICH
NEITHER THE SEARCHER NOR ATTORNEY
COULD DISCOVER. Again, the title may be
perfect on the record and yet be defective.
A deed may have been forged; or may have
been made by an attorney-in-fact, whose
letter of attorney was forgery; or may
have been executed upon a power of attOr-
ney after the death of the principal. The
title may depend on an execution issued in
an action in the court in which an attorney
appeared without authority and in which
no service of summons was made on the
owner; or the title may be vested in the
owner in trust for others who, may fail to
join him in the deed to the purchasers, all
of which may defeat the title. The
acknowledgment may be defective; the
signature not properly witnessed. In
short, errors may appear of every kind and
character, all of which may materially
affect the title. There is absolutely no Sc
curity against possible errors by the Old
system of furnishing abstracts.
The plan of Title Insurance is very plain
Every careful man, before buying a piece
of ground has the title examined Instead
of buying an abstract, which amounts to
no more than a statement respecting the
title, application is made to the Title lnsur-
ance Company for insurance of the title.
The company if the title is found good,
issues policy protecting the owners, pur-
chaser or mortgage against lOsSfOr termOf
twenty Live years, or for the life of mort
gage. If the title is attacked, the com
pany defends it. and if the adverse title is
Sustained, pays theamoUnto of its insurance.
The form of the owners policy il issues
as follows, this being copy of the one
issued to Geo. a. Lowe:
Application No. s.. part of lot 5, block No. II,
plat a, Policy No 81, amount $4,000.
Utah Title Insurance and Trust Company, in
corporated under the laws Of Utah Territory.
BY this policy of insurance in consideration
of the sum of $50 to it paid by George A. Lowe,
-doth hereby covenant that it will
for the period Of twenty-five years from the date
hereof indemnify, keep harmless and insure the
said George A. Lowe and all persons claiming
the estate and interest hereinafter mentioned
under him by descent. or by Will from all loss or
damage not exceeding $4,000 which the said
insured shall, during said period of twenty five
years sustain by reason of defects of the title
of the insured TO the real estate or interest
described in Schedule A. hereto annexed or by
reason of liens or encumbranceS affecting the
same at the uate nereO1, excepting only Sucn as
are set forth in Schedule b subject to the con-
ditions and stipulatiOns hereto annexed and to-
gether with said Schedules made part Of tbs
Policy.
This Policy is issued upon an application by
the insured numbered thirty-fye, which applica
ton is agreed by all parties hereunder to be a
warranty of the facts therein stated
I In witness whereof, the Utah Title Insurance
and Trust Company has caused its name to be
signed and its corporate seal to be hereto af-
fixed by its President and Secretary, this
ninth day of July, in the year one thousand eight
hundred and eighty nine, az eleven o'clock and
twenty minutes a. IN.
lSEAL UTAH TITLE INSURANCE. AND
TRUST COMPANY
(Signed) By J. e. DOOLY, its President
ARTHUR L. THOMAS its Secretary.
Among the persons who have secured
policies from the company are the follow
ing:
George 4. Lowe $40 900
James Anderson for------------------------ 8 600
Alvah Lewis for-------- ------------------ 10 600
James II. Clasbey and a. C. Smith for ~ 600
Edward 8. Wiclzs for---------------------- 5 600
James H Brown for-----------------------1 10 600
Salt Lake Board of Trade (chamber of
commerce building for ---------- 20 900
The rates for title insurance are as follows:
OWNERS POLICIES.