The record-union., 1893-05-19


10 demonstrate that there is
NO EXAGGERATIoN
In the estimate of the Royal Commission
OF 1858, backed by that of John Stuart
MIL and others of experience and au-
tnorlty on such subjects; that the appli-
cation to land in this country of a safe,
cheap, simple and expeditions method of
transfer, such as that adopted for prop
erty IN shipping, would have the effect of
adding hve years purchase TO all the land
IN the country"
The work Clones on Torrens' Sys-
tem") is comprehensive one, and gives
instances OF the transfer and recording
processes OF every description OF land
under almost every possible condition,
the ofllcers required, forms OF records,
registers, etc.
ADVOCATED BY A SACRAMENTAN.
AT the Convention of the California
Bankers' Association in San Francisco
FRANK Miller, OF the National Bank OF d.
y. Mills u Co. of this city, in response to
an address OF welcome, and in behalf of
Northern California, expressed the
thanks OF the interior bankers, and, as a
means Of securing harmony in the bank
ing business, suggested the value of
adopting the Torrens system of register
ing land titles, whereby the Government
guarantees titles, abstracts abolished and
expenses reduced to one-fourth of pres
ent charges.
The system, as explained by Mr.. Mil
ler, was analyzed as follows:
1tS purpose is to make the transfer of
land as simple as the transfer of bank
stock, and the title OF the holder as free
from danger or difficulty as ordinarily
lne tltle OF the holder of bank stock is to
the shares he holds.
Inc Act provides for the establishment
OF a land registry, under the control of
oulcers to be known as Masters OF
Titles. All land transactions may be
registered.
"A title may be registered as absolute
or pOsSeSSOry. If an absolute title is re-
CURED, the applicant will not be regis
tered as the owner of the Zee simple un-
less the title is approved by the Masters
OF 1ltIes. The hrst registration of a per-
son as owner of any land with an abso-
Lutte title will vest in that person an es-
tate IN fee simple in the land, subject to
any lncum brances entered on the regis
ter. If a possessOry title is required, the
applicant will be registered as owner of
the fee simple on giving such evidence of
Title as may be required. The registra-
tlon OF any person as first registered
owner OF land, with a possessory title
only, will not affect the enforcement of
any estate, right or interest adverse to or
IN derogatlon of the title, either subsist-
ing or capable OF rising at the time of
registration.
should II appear to the Masters ofTitles
that an absolute title to land sought to
be registered can only be established for
limited period, or subject to reserva-
tons they may, on the application
OF the person applying to be regis
tered as owner, except from the effect
OF registration any estate, right or inter-
est arising before a specified date, or arising
under special instrument. or otherwise
particularly described in the register. A
title granted under such conditions is to
be called a qualified title.
THE MASTERS OF TITLES
Must give to the first registered owner a
land certificate,' and this certificate must
say whether the title of the owner is 'abso-
Lutte qualified or 'poSsessory.' An insur-
ance fund is created to indemnify persons
that suffer loss through misdescription,
omission or other error in any certificate
OF title, or III any entry on the register
The fund is provided by levying a tax of
quarter of per cent. on the value of the
land, on the first certificate of title being
granted, in addition to registration fees.
Any question as to the liability of the
fund for compensation is to be de-
termined by the Masters of Titles.
The chief benefit obtained is the indie
feasible nature uf the title obtained, to-
gether with the speed and certainty of
transfer ana Ln6 aDrOgdtlOn OF the neCeS-
sity of abstracts of title.
dwight Olmstead of New York has
published report on the system.
UNDER THE SYSTEM
Above described, purchaser or mort
gagee would have, when the title was
warranted, simply to deal with the regis
tered owner, and upon the removing any
caveats or inhibitions there might be on
the register affecting the land, to pay his
money to, and take his conveyance or
mortgage from the registered owner; and
thus he would be saved all the delay and
expense of Investigating the title ON the
other hand, when the title was unwar-
ranted, the title anterior only to first
registration would have to be Investigated
in the usual way; but in that case. also.
the delay and expense of proving the
title, subject to first registration, would
be saved. For these anu other reasons
it is considered the plan affords great
facilities for the sale and transfer of land"
JUST HOW IT WORKS.
| A writer on the subject of the Torrens
| system, quoted in Jones on Transfer of
Land and the Torrens SYSTEM" illus
trated the heaviness and costliness of the
! system in New York City in 1886.
The Jumel property had lately been
cut up into l,}S3 pieces by partition decree.
1t was sold to 800 purchasers. No doubt
each buyer before paying employed a
good lawyer to examine the title of the
| lot he bought.
So 300 lawyers each examined the title
to the whole property; necessity because
it had not been before subdiyided.
The 300 lawyers each went through the
same process, the same long lists ofIlames
deeds and mortgages i'll the $500 volumes
of deeds and mortgages in the Registrar S
Office.
Thus there were 299 lawyers doing 800
parts of the work uselessly.
The 300 clients paid the 300 lawyers 300
fees for 800 opinions, and the lawyers
each by his personal labor and skill
earned the money.
By and by, twenty years later say, in
stead OF 800 owners of the Jumel plots,
the whole l, 1888 lots will be again sold and
there will then be ,3S3 new purchasers.
who will employ l.3S3 lawyers and pay
l I,3S3 fees for l ,3S3 examinations and opin-
ions-tor going over the same ground.
| Only the fees will be larger, because the
labor will be greater, for instead OF 8, 500
volumes in the Registrars office, with
records possibly affecting the titles, there
will be, on the basis Of present lsS6)
growth, 10000 big folio volumes in the
Hall of Records.
Yet all this labor will really be repeti-
ton, and might just as well be done by
one lawyer and one searcher.
Not only this, but in passing on title
| the careful lawyer demands official
searches. He makes reuuisition on the
Registrar for all deeds and papers of
record affecting the land. The Registrar
carefully returns the facts on his official
seach, which must relate to the whole
property. By law he is allowed five cents
per year per name for each name searched
against deeds, and cents for each year
per name for mortgages.
So If he gets, say, so from each pur-