The record-union., 1894-03-02

HeIh2 QeIlVereu 10 TIE applicant; IHe
other forms part Of a record kept by the
Registrar and is noled in his index. 1t
de4nes the land for which it is issued by
description, reference TO official map and,
I when necessary. by plat upon the certItl-
cate itself. The nature of the applicants
estate is set forth, and any easements,
lease or incum brances are noted. Room
is given Tor entry OF future notes show
ing The transfer. creation or extinction OF
easements, estates or lncum brances. The
examiners of title are talible and pro-
vision has been made for their mistakes.
When land is first brought under the
system an assessment of One-half penny
in the pound or a trite more than one
fifth OF per cent? OF its value is levied.
\ similar assessment is levied upon land
passing to he heirs or devlsees OF de-
ceased proprietor. These assessments
constitute guaranty fund for the COM
pensation OF persons who may be de-
prived OF their rights by the issuance to
other persons OF certificates Of title to
their lands. The fund so created has in
every county proved to be tar more than
sufficient for Its purpose.
Too much stress cannot be laid upon
the fact that this fund is created to in
demnify not the holder of an erroneous
certificate, but the person who has been
deprived of his rights by the erroneous
t
cannot be rendered nugatory except by
fraud on the part OF its holder. 1t is a
common impression that a certificate OF
title issued under the Torrens system is
similar to policy OF insurance issued by
a title insurance company, the main sup
posed difference being that one is issued
by the Government and the other by Il
corporation. This is an entirely errOne-
Gus view. The holder of a Torrens certi-
hcate is the absolute owner of the land
described therein. no matter what errors
the examiners OF titles may have made,
and the person injured by such errors,
upon due prOofOf injury, is entitled 10 in
demnity from the guaranty fund, but can
| assert no claim TO the land itself. The
holder OF policy insuring his title must
surrender his land. together with all the
improvements which he may have placed
upon it 10 any person who can prove
! himself entitled to it and has right OF
action against the insurance company for
the amount Of the amount of the policy.
Having procured the issuance Of GER
! titicate, the next thing is transfer OF
! land by its use. No claim against a reg
istered title has any effect whatever, uu-
less noted upon the Registrars duplicate,
which consequently always shows the
exact condition Of the title. 1t follows.
therefore, that transfer OF land can be
made as readily and simply as transfer
of the capital stock of corporation. The
seller and purchaser having agreed upon
terms, the seller produces his certificate
of title, they go together to the Regis
trar'S office, and II his record shows the
title to be satisfactory the transfer may
be completed in a few minutes, the old
certificate surrendered and cancelled and
q new certificate issued to the purchaser
upon the following day. a mortgage can
be made just as peditiously. OF course,
the procedure is somewhat different when
one or both OF the parties cannot be pres
ent at the Registrars office, but then il is
not materially different from tnat neces-
sary in transfers Of stocks between non
residents.
AS an illustration of the hardships to
which people are sometimes subjected in
dealing with land under the present sys-
TENS the speaker gave the imaginary
adventures OF "A prosperous home-seeker
whose career closed in pauper's grave.
and stated that each of the incidents
narrated had its parallel among the
cases which had come under his personal
observation. The numerous instances in
which innocent purchasers are harassed,
black mailed or diSpOsSeSsed OF their
property have led many 10 look for q
remedy. The advocates of the Torrens
system claim that its adoption would re-
lieve those dealing in real estate from
many disadvantages, among them the
following;
First insecurity of ownership. Un-
der our present system man may have
exercised the utmost prudence and yet
be deprived OF his property. II officials,
searcherS and attorneys have made no
error the Supreme Court may reverse its
decision, as it often has done. The holder
OF a Torrens certificate has only to look
TO that to know with certainty the condi-
ton OF his title.
Second-Delays and expense connected
with land transfers. The preparation and
examination of abstracts of title require
both time and money. Such eXpedients
as the block system" in New y ork and
the cadastral number system in Quebec,
and the efficient work of Well-equipDed
abstract offices nave often greatly reduced
the cost OF such work, but it has been es-
timated that there is annually paid for
such services IN the United States over
$50, 600, eco.
NATURALIZATION. While human in
genulty can never devise Il system which
will avoid disputes, the evils Of land liti-
CATION can be greatly reduced ii anyone
claiming adversely to the recognized
owner is obliged TO look TO the State for
relief through payment from the guaranty
fund Fewer actions would DO COM
menced and the owner would never be
disturbed.
Fourth-Clouded titles. A considera-
BILE percentage of our lands are hold un-
der tiles which are not free from obiec-
ton. These objections may be purely
technical but are sufficient to render the
land unnark etable or depreciate its value.
The TOrrens system affords a speedy and
effective means Of disposing OF such OBJ
jections.
II need hardly be said that objections
have been urged against the Torrens sys-
tenn. Those frequently met with are two:
First, that dangerous power is vested i'll
the Registrar, and second, that the whole
thing is inpracticabIe. AS regards the
first objection, it seems sufficient to say
that the Registrar cannot even advertise
an application unless two competent eX-
aminers have reported that the applicant
has good title to which there appears to
be no valid objection. Any person in
jured by his acts has recourse upon the
guaranty fund. Thus il would appear
that the powers of the Registrar in the
issuance of original certificates can hardly
be used to work lasting injury. Subse-
ouent transfers seem to be equally well
guarded and equally unlikely TO entail
hardship. As regards the question of
praetcability, the successful operation of
the system for many years III widely sep
arated colonies, under very different con-
ditions, without heavy inroads upon the
guaranty fund is offered as a complete
answer.-Los Angeles Herald.
y Natural Result.
A Colorado cow boy was in the Senate
gallery looking down on the most august
assemblage on earth, when he noticed
Senator PETER.